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Shares of Tech Mahindra have surged nearly 12.3% in six trading sessions from its previous closing low of Rs 1,598.80 posted on 20 December 2021. The counter hit a record high of Rs 1,822.90 intraday today. The stock has zoomed 96.3% from its 52-week low of Rs 915.05 recorded on 26 February 2021.
In last one month, the stock moved nearly 18% higher as compared to a 1% rise in Nifty 50 index. Since the start of 2021, Tech Mahindra has given stellar returns to investors, rising 84.6%, while the Nifty 50 index has gained 23% in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 73.862. 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 1581.99 and 1496.81 respectively. These levels will act as crucial support zones in near term.
Tech Mahindra is focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers.
The IT company posted 25.8% increase in consolidated net profit to Rs 1338.70 crore on 16.1% rise in net sales to Rs 10,881.30 crore in Q2 FY22 over Q2 FY21.
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