Siemens gains over 2% in three days, bucks weak market trend

Siemens rose 1.55% to Rs 2,405.60, extending gains for the third trading session.

Shares of Siemens have risen 2.34% in three trading sessions from its recent closing low of Rs 2,350.55 on 8 June 2022.

In the past one year, the stock has jumped 16.3% while the benchmark Sensex has risen 0.8% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 56.66. 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 2354.55, 2353 and 2310.03, respectively. These levels will act as crucial support zones in near term.

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. The company's consolidated net profit rose 2.6% to Rs 340 crore on 13.5% rise in net sales to Rs 3,888.90 crore in Q2 FY22 over Q2 FY21.

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