SJVN advanced 2.90% to Rs 39.05 on bargain hunting after sliding for four trading sessions.
The stock slipped 7.33% in the past four trading sessions to end at Rs 37.95 yesterday, from its recent closing high of Rs 40.95 recorded on 6 December 2022.
On the BSE, 7.66 lakh shares were traded in the counter so far compared with average daily volumes of 11.11 lakh shares in the past two weeks. The stock hit a high of Rs 39.5 and a low of Rs 38.05 so far during the day.
The stock hit a 52-week high of Rs 42.25 on 5 December 2022. The stock hit a 52-week low of Rs 25.45 on 26 May 2022.
The stock had outperformed the market over the past one month, rising 7.58% compared with 1.32% rise in the Sensex.
The scrip had outperformed the market in past three months, advancing 23.19% as against Sensex's 3.08% rise.
The counter had also outperformed the market in past one year, surging 34.66% as against 7.12% jump in Sensex.
On the technical front, the stock's daily RSI (relative strength index) stood at 55.481. 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 is trading above its 50-day, 100-day and 200 day simple moving average (SMA) placed at 35.81, 32.84 and 30.36, respectively. These levels will act as crucial support zones in near term.
SJVN is an Indian public sector undertaking having business interests in hydro, thermal, solar, wind and in power transmission & power trading. It is a joint venture between the Government of India and the Government of Himachal Pradesh.
On consolidated basis, the company's net profit rose 10.1% to Rs 445.44 crore despite of 0.4% decrease in net sales to Rs 878.48 crore in Q2 FY23 over Q2 FY22.
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