Credo Brands shares snap nine-day losing streak after 8% surge, but remains below IPO price [Video]

Shares of Credo Brands Marketing Ltd. (MUFTI), are trading with gains of over 8% on Monday. The stock, due to this surge, has snapped a nine-day losing streak.

The stock had a nine-day losing streak starting March 4 – March 15, during which the stock had declined by 25%.

Courtesy of this nine-day drop, the stock’s Relative Strength Index (RSI) on the charts fell into oversold territory, falling to levels of 20. A reading below 30 on the RSI means the stock has slipped into oversold territory on the charts.

Despite this move, the stock remains well below its IPO price of ₹280. The stock has not managed to trade above its IPO price since January 4 this year.

The three-day IPO of Credo Brands was subscribed 51.85 times in December 2023. However, the stock is listed only at a premium of 1% to its issue price of ₹282.

In an interaction with CNBC-TV18after …