UCO Bank drops over 9% in five days

UCO Bank fell 4.35% to Rs 29.65, extending recent losses.

Shares of UCO Bank have dropped 9.47% in five straight sessions.

The stock outperformed the market over the past one month, soaring 25.21% compared with 3.31% decline in the Sensex.

The scrip outperformed the market in past one quarter, surging 150.21% as against Sensex's 3.66% rise.

The scrip outperformed the market in past one year, climbing 119.38% as against Sensex's 0.46% fall.

On the technical front, the stock's daily RSI (relative strength index) stood at 52.03. 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, 100-day and 200-day simple moving average (SMA) placed at 24.03, 18.05 and 14.80, respectively. These levels will act as crucial support zones in near term.

UCO Bank is engaged in providing wide range of banking and financial services including retail banking, corporate banking and treasury operations. GoI's ownership stood at 95.39% as on 30 September 2022.

The bank's standalone net profit surged 145.6% to Rs 504.52 crore on 6.6% rise in total income to Rs 4964.83 crore in Q2 FY23 over Q2 FY22.

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