RBL Bank corrects on profit selling

26 Aug 2022 , 03:17 PM

Shares of the private lender jumped 30% in the past three sessions to end at Rs 127.90 yesterday, from its recent closing low of Rs 98.25 on 22 August 2022. The stock had outperformed the market over the past one month, up 34% compared with 6.7% rise in the Sensex. On the BSE, 44.48 lakh shares were traded in the counter so far compared with average daily volumes of 27.40 shares in the past two weeks. The stock hit a high of Rs 133.70 and a low of Rs 119.15 so far during the day. The stock hit a 52-week high of Rs 221.20 on 10 November 2021. The stock hit a 52-week low of Rs 74.15 on 20 June 2022. On the technical front, the stocks daily RSI (relative strength index) stood at 73.192. 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 and 100-day simple moving average (SMA) placed at 92.59 and 104.83 respectively. These levels will act as crucial supports zones in near term. RBL Bank is one of Indias fastest growing private sector banks with an expanding presence across the country. As of 31 March 2022, the bank had 502 branches and 1,302 business correspondent branches, of which 289 were banking outlets. RBL Finserve, a 100% subsidiary of the bank, accounted for 789 business correspondent branches. The bank reported standalone net profit of Rs 201.16 crore as against a net loss of Rs 459.47 crore in Q1 FY23 over Q1 FY22. Total income rose marginally to Rs 2,702.91 crore in Q1 FY23 from Rs 2,679.19 crore in Q1 FY22. Powered by Capital Market – Live News