New India Assurance hit 52 week low; slides 9% in 7 days

10 Jun 2022 , 01:29 PM

Shares of The New India Assurance Company slumped 9% in seven trading sessions from its previous closing high of Rs 103.50 posted on 1 June 2022. The stock hit its 52-week low of Rs 94.05 today. The stock has declined 12.26% in one month while the benchmark Nifty 50 index has fallen 0.14% and the Sensex has lost 0.02% during the same period. On the technical front, the stocks daily RSI (relative strength index) stood at 31.217. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. In daily chart, the stock is trading below its 50,100 and 200 days simple moving average (SMA) placed at 108.71, 117.95 and 135.93 respectively. These levels will act as crucial support zones in near term. The New India Assurance Company is the largest non-life insurance company in India headquartered at Mumbai and operates in 28 countries. On consolidated basis, the insurance company reported a net loss of Rs 552.40 as against a net profit of Rs 232.96 crore in Q4 FY22 over Q4 FY21. Total income declined 7.7% year on year to Rs 8,563.20 crore in the quarter ended 31 March 2022. Powered by Capital Market – Live News