Trident hit an upper circuit of 5% at Rs 46.85 on bargain hunting after a recent steep losses.
The stock declined 22.42% in the past five sessions.On a year-to-date (YTD) basis, the stock has zoomed 410.35% while the benchmark Sensex has added 27.54% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 45.34. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 50.70 and 49.46, respectively. It was trading above its 200-day SMA placed at 44.46.
Punjab-based Trident is a 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.
On a consolidated basis, net profit of Trident rose 121.96% to Rs 234.59 crore on 44.09% rise in net sales to Rs 1691.59 crore in Q2 September 2021 over Q2 September 2020.
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