Shares of the public sector bank jumped 27.43% in two trading sessions from its recent closing low of Rs 26.25 on 23 December 2022.

On the BSE, 232.60 lakh shares were traded in the counter so far compared with average daily volumes of 175.14 lakh shares in the past two weeks. The stock hit a high of Rs 34.2 and a low of Rs 31.35 so far during the day.

The stock hit a 52-week high of Rs 36.7 on 16 December 2022. The stock hit a 52-week low of Rs 15.25 on 20 June 2022.

The stock had outperformed the market over the past one month, advancing 46.07% compared with 2.55% decline in the Sensex.

The scrip had outperformed the market in past three months, soaring 97.93% as against Sensex's 6.66% jump.

The counter had also outperformed the market in past one year, surging 63.17% as against Sensex's 6.08% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 63.425. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 23.39, 20.62 and 19.10, respectively. These levels will act as crucial support zones in near term.

Indian Overseas Bank is one of the public sector banks (PSB) in India. As of 30 September 2022, the Government of India held 96.38% in IOB, followed by institutional investors, the public, and others.

The bank's standalone net profit jumped 33.2% to Rs 501.34 crore on 15% rise in total income to Rs 5852.45 crore in Q2 FY23 over Q2 FY22.