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Shares of Chennai Petroleum have surged 13.19% in five straight sessions from its recent closing low of Rs 122.10 on 30 September 2021.
The counter hit a record high of Rs 151.80 on 30 June 2021. It has surged 116.78% from its 52-week low of Rs 63.75 hit on 16 October 2020. In the past one month, the stock has climbed 26.51% compared with 2.7% rise in the Sensex.
On the technical front, the stock's RSI (relative strength index) stood at 79.47. 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 200 days simple moving average placed at 125.61 and 116.09 respectively. These levels will act as crucial support zones in near term.
Chennai Petroleum Corporation refines crude oil and markets petroleum and petrochemical products. Indian Oil Corporation held 51.89% stake in the company as on 30 June 2021.
On a consolidated basis, the company's net profit dropped 79% to Rs 56.65 crore on 177.97% surge in net sales to Rs 8166.46 crore in Q1 FY22 over Q1 FY21.
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