SML Isuzu gains on bargain buying

SML Isuzu rallied 3.20% to Rs 776.30 on bargain hunting after declining for four trading sessions.

The stock slipped 11.71% in the past four trading sessions to end at Rs 752.25 on 9 January 2023, from its recent closing high of Rs 852.05 recorded on 1 January 2023.

The stock hit a high of Rs 790 and a low of Rs 760.45 so far during the day.

The stock hit a 52-week high of Rs 887.8 on 7 October 2022. The stock hit a 52-week low of Rs 470.9 on 7 March 2022.

The stock had outperformed the market over the past one month, advancing 10.04% compared with 3.3% fall in the Sensex.

However, the scrip had underperformed the market in past three months, sliding 7.57% as against Sensex's 3.6% rise.

The counter had outperformed the market in past one year, jumping 16.73% as against 0.53% decline in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 58.344. 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 717.29, 746.13 and 683.53, respectively. These levels will act as crucial support zones in near term.

SML Isuzu is engaged in the business of manufacture of commercial vehicles and spares. The firm produces light and medium commercial vehicles.

The commercial vehicle manufacturer reported standalone net loss of Rs 9.17 crore in Q2 FY23 as against net loss of Rs 29.11 crore in Q2 FY22. Net sales jumped 76.4% to Rs 410.43 crore in Q2 FY23 as compared to Rs 232.70 crore in Q2 FY22.

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