India's BEML hits record high; stock in overbought zone

BEML

21/06/2023 07:51

** Shares of BEML Ltd  BEML.NS  rise as much as 7.4% to
record high of 1,749.60 rupees; posts biggest intraday pct jump
since May 4
    ** If trends hold, BEML on track to advance for fourth
consecutive session
    ** For three straight sessions, relative strength index
(RSI) is above 70, indicating that the stock is overbought
    ** Stock trading above its 50-, 100-, and 200-day
exponential moving averages since May 5
    ** Moving Average Convergence Divergence (MACD) line has
been above the signal line for three straight sessions,
suggesting bullish momentum
    ** About 1.2 million shares change hands by 12:06 p.m. IST,
6.7x the 30-day avg - Refinitiv Data
    ** Stock has risen about 23% since reporting over 18% surge
in its March-qtr profit in May
    ** Stock up 18.3% YTD


 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))