Tata Elxsi gains on bargain buying

Tata Elxsi advanced 2.37% to Rs 9,846.35 amid some bit of value buying.

The stock had declined 9.98% in the past four sessions to end at Rs 9,618.75 on the BSE yesterday, from its recent closing high of Rs 10,684.90 recorded on 17 August 2022.

On the technical front, the stock's daily RSI (relative strength index) stood at 59.979. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On daily chart, the stock is trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 8569.42, 8383.67 and 7483.50, respectively.

In the past one year, the stock has zoomed 108.84% while the benchmark Sensex has added 5.53% during the same period.

Tata Elxsi is amongst the world's leading providers of design and technology services across industries including automotive, broadcast, communications, healthcare and transportation.

The design led technology service provider reported 62.9% rise in net profit to Rs 184.72 crore on 30% increase in revenues from operations to Rs 725.89 crore in Q1 FY23 over Q1 FY21.

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