The stock has added 15.2% in five sessions from its recent closing low of Rs 117.75 on 17 November 2020.

On the technical front, the stock is currently trading above its 50-day, 100-day and 200-day simple moving averages (SMA) placed at 116.35, 106.39 & 92.06, respectively.

The scrip's RSI (relative strength index) stood at 73.807. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

A domestic brokerage has reportedly given a buy rating to Elgi Equipments with a price target of Rs 140.

Elgi Equipments reported 185.4% jump in consolidated net profit to Rs 33.25 crore on a 8% rise in net sales to Rs 480.27 crore in Q2 FY21 over Q2 FY20.

Elgi Equipments designs and manufactures an extensive range of innovative and technologically advanced compressed air solutions for a variety of industry applications.