Shares of the Trident jumped 15.7% in two trading sessions from its recent closing low of Rs 32.43 on 18 August 2023.

On the BSE, 116.02 lakh shares were traded in the counter so far compared with average daily volumes of 37.75 lakh shares in the past two weeks. The stock hit a high of Rs 38.22 and a low of Rs 36.11 so far during the day.

The stock hit a 52-week high of Rs 41.85 on 5 September 2022. The stock hit a 52-week low of Rs 25.1 on 27 March 2023.

The stock had outperformed the market over the past one month, rising 12.74% as against Sensex's 2.22% decrease.

The scrip had outperformed the market in past three months, advancing 9.13% as against 5.26% increase in Sensex.

However, the counter had underperformed the market in past one year, shed 0.21% as against Sensex's 10.97% surge.

On the technical front, the stock's daily RSI (relative strength index) stood at 78.058. 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 33.15, 32.43 and 32.84, respectively. These levels will act as crucial support zones in near term.

Headquartered in Punjab, Trident is vertically integrated textile (yarn, bath & bed linen) and paper (wheat straw-based) manufacturer and is one of the largest players in home textile space in India. The company operates in two major business segments: textiles and paper with its manufacturing facilities located in Punjab and Madhya Pradesh.

The company's consolidated net profit slipped 29.39% to Rs 91.34 crore on 11.08% decline in revenue from operations to Rs 1,493.71 crore in Q1 FY24 over Q1 FY23.