Tech Mahindra rallied 5.77% to Rs 1,132.65, extending gains for the third trading session.
Shares of the IT major jumped 12.95% in three trading sessions from its recent closing low of Rs 1,002.80 on 13 February 2023.
On the BSE, 6.89 lakh shares were traded in the counter so far compared with average daily volumes of 1.03 lakh shares in the past two weeks. The stock hit a high of Rs 1,139 and a low of Rs 1,072.05 so far during the day.
The stock hit a 52-week high of Rs 1,574.8 on 25 March 2022. The stock hit a 52-week low of Rs 944.1 on 17 June 2022.
The stock had outperformed the market over the past one month, advancing 9.48% compared with 2.33% rise in the Sensex.
The scrip had outperformed the market in past three months, rising 6.13% as against Sensex's 0.79% decline.
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However, the counter had underperformed the market in past one year, sliding 21.55% as against Sensex's 6.03% jump.
On the technical front, the stock's daily RSI (relative strength index) stood at 88.230. 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, 200- day and 100-day simple moving average (SMA) placed at 1,027.53, 1,019.97 and 1,028.47, respectively. These levels will act as crucial support zones in near term.
Tech Mahindra is focused on leveraging next-generation technologies including 5G, blockchain, cybersecurity, artificial intelligence, and more, to enable end-to-end digital transformation for global customers.
The IT major's consolidated net profit rose marginally to Rs 1,296.6 crore in Q3 FY23 as against Rs 1,285.4 crore posted in Q2 FY23. Revenue from operations grew 4.61% quarter on quarter (QoQ) to Rs 13,734.6 crore in quarter ended 31 December 2022.
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