Nikhil Adhesives climbs 24% in three days; hits 52-week high

23 Aug 2022 , 03:03 PM

Shares of Nikhil Adhesives have surged 23.75% in three sessions. On the technical front, the stocks daily RSI (relative strength index) stood at 78.90. 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 822.34, 818.77 and 781.78, respectively. These levels will act as crucial support zones in near term. On the BSE, 25,904 shares were traded in the counter so far compared with average daily volumes of 4,548 shares in the past two weeks. The stock hit a high of Rs 1138 and a low of Rs 985.05 so far during the day. The stock hit a 52-week high of Rs 1138 today, 23 August 2022. The stock hit a 52-week low of Rs 603.6 on 7 March 2022. The stock had outperformed the market over the past one month, rising 34.09% compared with 5.13% increase in the Sensex. The scrip outperformed the market in past one quarter, gaining 28.82% as against Sensexs 8.58% rise. The scrip had also outperformed the market in past one year, rising 56.88% as against Sensexs 6.10% rise. Nikhil Adhesives is a multi-product company manufacturing, selling and exporting various types of polymer emulsions that are used for different applications. Its products find use in the paints, packaging, furniture, textiles, construction and many other industries. Net profit of Nikhil Adhesives rose 0.96% to Rs 6.28 crore on 27.51% increase in net sales to Rs 224.28 crore in Q1 June 2022 over Q1 June 2021. Powered by Capital Market – Live News