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Shares of Dixon Technologies have jumped 17.1% in six trading days from its previous closing low of Rs 8,098.10 on 31 August 2020. The stock hit a record high of Rs 9,766.25 in morning trade today.
The stock has surged 290% from its 52-week low of Rs 2433.20 hit on 17 September 2020. On the BSE, 20,000 shares were traded in the counter in today's trade compared with average daily volumes of 4235 shares in the past two weeks.
On the technical front, the stock's RSI (relative strength index) stood at 77.703. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 7483.56 and 6136.98 respectively. These levels will act as crucial support zones in near term.
Dixon Technologies (India)'s consolidated net profit slumped 93.2% to Rs 1.60 crore on a 54.9% decline in net sales to Rs 516.94 crore in Q1 FY21 over Q1 FY20.
Dixon Technologies is a design-focused products and solutions company. The firm engages in manufacturing products in the consumer durables, lighting and mobile phones markets in India.
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