Cyient shares end over 4% lower after gaining for three consecutive sessions

Cyient share price:  Shares of Cyient Ltd dropped over 5 per cent on BSE, snapping the three-day winning streak and recording the day’s low of Rs 1381.50 apiece in Monday’s trading session. The stock had made a 52-week high in Friday’s trading session at Rs 1524.75 apiece. The stock eventually settled at Rs 1,396.65, down over 4 per cent.

On Friday, June 2, the company announced that it has allotted 32,553 equity shares to associates of the company upon the exercise of stock options under the ASOP 2015 Plan.

"This is to inform you that the company has allotted 32,553 equity shares to associates of the company upon exercise of stock options under the ASOP 2015 Plan," the regulatory filing read.

"At the current juncture, the weekly Relative Strength Index is looking extremely overbought. Additionally, 200 DEMA stands around Rs 989 levels, which is far below the current market price, so mean reversion could be possible. Finally, on a daily scale, a negative divergence has emerged where price action is making higher highs and the RSI is making lower highs. One should immediately book profits in the zone of Rs 1,400–Rs 1,450. Avoid fresh longs," said Jigar S. Patel, Senior Manager, Technical Research Analyst, Anand Rathi Shares and Stock Brokers.

Cyient's shares: Past performance 

So far in 2023, Cyient's shares have outperformed the benchmark index by over 70 per cent. In the same time frame, the Nifty50 has soared over 2 per cent. In the past one month, the shares have gained over 15 per cent as against a nearly 3 per cent rise in the Nifty50.

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