SJVN shares tumbled 27% from one-year high level; is it time to exit the stock?
SJVN share price: The stock slumped 6.92 per cent to hit an intraday low of Rs 121.75. It was last seen trading 4.82 per cent lower at Rs 124.50. At this price, it has declined 26.96 per cent from its one-year high value of Rs 170.45, a level seen earlier this year on February 5.
- Apr 15, 2024,
- Updated Apr 15, 2024 4:22 PM IST
Shares of SJVN Ltd on Monday extended their fall for the second straight session. The stock slumped 6.92 per cent to hit an intraday low of Rs 121.75. It was last seen trading 4.82 per cent lower at Rs 124.50. At this price, it has declined 26.96 per cent from its one-year high value of Rs 170.45, a level seen earlier this year on February 5.
Despite the mentioned drop, the scrip has given multibagger returns by rallying 272 per cent in the past one year.
Technical analysts largely said that the stock looked 'bearish' on daily charts.
Prabhudas Lilladher (PL), which had a 'Buy' call on the stock with a near-term target of Rs 152, has suggested traders to exit the counter at current levels, as its target has been achieved.
SJVN is now at around Rs 124 level and one can exit it, said Vaishali Parekh, Vice President - Technical Research at PL, said.
"SJVN looks bearish on daily charts with strong resistance at Rs 131. A daily close below support of Rs 121 could lead it to a lower level of Rs 98 in the near term," said AR Ramachandran from Tips2trades.
The counter traded lower than the 5-day, 10-, 20-day and 50-day simple moving averages (SMAs) but higher than the 30-day, 100-, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 48.36. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 60. Earnings per share (EPS) stood at 0.34. As of March 2024, promoters held a 81.85 per cent stake in the company.
SJVN is engaged in the business of generation of electricity and the tariff for power generation. The company manufactures and provides three key products and services: generation of electricity (hydro, wind and solar), consultancy and transmission. Its businesses include thermal power, hydro power, wind power, solar power, power transmission, consultancy and power trading.
Shares of SJVN Ltd on Monday extended their fall for the second straight session. The stock slumped 6.92 per cent to hit an intraday low of Rs 121.75. It was last seen trading 4.82 per cent lower at Rs 124.50. At this price, it has declined 26.96 per cent from its one-year high value of Rs 170.45, a level seen earlier this year on February 5.
Despite the mentioned drop, the scrip has given multibagger returns by rallying 272 per cent in the past one year.
Technical analysts largely said that the stock looked 'bearish' on daily charts.
Prabhudas Lilladher (PL), which had a 'Buy' call on the stock with a near-term target of Rs 152, has suggested traders to exit the counter at current levels, as its target has been achieved.
SJVN is now at around Rs 124 level and one can exit it, said Vaishali Parekh, Vice President - Technical Research at PL, said.
"SJVN looks bearish on daily charts with strong resistance at Rs 131. A daily close below support of Rs 121 could lead it to a lower level of Rs 98 in the near term," said AR Ramachandran from Tips2trades.
The counter traded lower than the 5-day, 10-, 20-day and 50-day simple moving averages (SMAs) but higher than the 30-day, 100-, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 48.36. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 60. Earnings per share (EPS) stood at 0.34. As of March 2024, promoters held a 81.85 per cent stake in the company.
SJVN is engaged in the business of generation of electricity and the tariff for power generation. The company manufactures and provides three key products and services: generation of electricity (hydro, wind and solar), consultancy and transmission. Its businesses include thermal power, hydro power, wind power, solar power, power transmission, consultancy and power trading.