Swan Energy gains on bargain buying

Swan Energy rose 2.40% to Rs 318.45 on bargain hunting after a recent fall.

The stock declined 5.44% in the past three trading sessions to end at Rs 311.40 on 6 January 2023, from its recent closing high of Rs 329.30 recorded on 3 January 2023.

On the BSE, 42,662 shares were traded in the counter so far compared with average daily volumes of 61,350 shares in the past two weeks.

The stock hit a 52-week high of Rs 339 on 3 January 2023. The stock hit a 52-week low of Rs 145.10 on 22 February 2022.

The stock had outperformed the market over the past one month, rising 17.44% compared with 2.52% fall in the Sensex.

The scrip had outperformed the market in past three months, advancing 42.45% as against Sensex's 4.16% rise.

The counter had also outperformed the market in past one year, surging 95.55% as against 1.45% rise in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 64.652. 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, 200-day simple moving average (SMA) placed at 262.35, 239.58, 239.37 respectively. These levels will act as crucial support zones in near term.

Swan Energy has three verticals of business i.e textiles, energy and construction & others. The company reported consolidated net loss of Rs 31.96 crore in Q2 FY23 as compared to Rs 25.57 crore in Q2 FY22. Net sales surged 141.3% year on year to Rs 143.47 crore in Q2 FY23.

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