Cyient jumps 7.8% after Q2 results, breaks Rs 1,222

Cyient Limited shares rose 7.81% to Rs 1,233 after Q2 results and moved above resistance at Rs 1,222. Support is at Rs 1,200 and resistance at Rs 1,285. Cyient Limited [

] shares rose 7.81% to Rs 1,233.00 on 23 October, amid its Q2 results. The session opened at Rs 1,200.70, touched a low of Rs 1,200.10 and a high of Rs 1,268.00. Consolidated profit fell 7.3% to Rs 132.5 crore from Rs 142.9 crore a year earlier. Revenue grew 25.5% to Rs 2,235 crore from Rs 1,781 crore. The results are mixed, with strong revenue growth and lower profit, and the update gives no margin data. The price reaction suggests the market may have focused on revenue growth, though that is only a possible reason. On the daily chart, the stock moved above the Rs 1,222 resistance, which had capped earlier rallies. The jump came with a rise in volume. The breakout level may now act as support, with Rs 1,200 as the next support. In my view, the bias is bullish while the stock holds above Rs 1,220, though breakouts can be retested. A fall below Rs 1,200 would put the breakout at risk. A move above the Rs 1,285 resistance would bring a stronger recovery into focus. Bullish view while price holds above Rs 1,220. Disclosure: I do not hold any position in this stock. This is not a recommendation to buy or sell. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.