India's Orchid Pharma hits 22-month high; stock in overbought zone

Orchid Pharma

23/06/2023 05:28

** Shares of Orchid Pharma Ltd  ORCD.NS  rise as much as 5%
to 470 rupees, their highest since August 2021
        ** Drug maker posts its biggest intraday pct gain since
May 11
    ** Stock trading above its 50-, 100-, and 200-day
exponential moving averages since June 1
    ** Relative Strength Index (RSI) crossed over the upper
limit of 70, indicating that the stock is overbought 
    ** About 25,728 shares change hands by 9:49 a.m. IST, 2.2x
the 30-day avg - Refinitiv Data
    ** If trends hold, stock on track to advance for second
consecutive session
    ** Moving Average Convergence Divergence (MACD) line of the
stock has been over the signal line for five sessions,
suggesting bullish bias
    ** Stock up ~23% YTD as of last close


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