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Tech Mahindra snaps 2-day losing streak

Capital Market 

Tech Mahindra rose 1.67% to Rs 835.55 on bargain hunting after a recent slide.

Shares of Tech Mahindra fell 2.77% in the past two trading sessions to settle at Rs 821.85 yesterday, Thursday, 19 November 2020, from its close of Rs 845.30 on Tuesday, 17 November 2020.

On the technical front, the stock's RSI (relative strength index) stood at 52.226. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 821.36 and its 200-day moving average (DMA) placed at 676.41.

The stock has soared 77.68% from its 52-week low of Rs 470.25 on 23 March 2020.

The IT major's consolidated net profit jumped 11.24% to Rs 1,063.10 crore on 2.91% rise in revenues to Rs 9,371.80 crore in Q2 September 2020 over Q1 June 2020.

Tech Mahindra is engaged in the business of computer programming, consultancy and related services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 20 2020. 11:48 IST