Siemens hits 52-week high; rises 10% in four trading session

Siemens rose 2.96% to Rs 2,636.70, extending its gaining streak to fourth consecutive trading session.

Shares of Siemens jumped 9.86% in four trading sessions from its previous closing low of Rs 2,400 on 30 June 2022. The counter hit a 52-week high of Rs 2,650 in intraday today. The stock has surged 37.36% from its 52-week low of Rs 1,919.50 recorded on 28 July 2021.

On the BSE, 23,000 shares were traded in the counter so far compared with average daily volumes of 15,000 shares in the past two weeks.

In last one month, the stock has jumped nearly 11%. Outperforming the Nifty 50 index which declined 3.69% in the same period.

On the daily chart, the stock is trading above its 50, 100 and 200-day simple moving average placed at 2349.82, 2358.76 and 2324.09 respectively. These levels will act as crucial support zones in near term.

On the technical front, the stock's daily RSI (relative strength index) stood at 75.311. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

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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