May 09 2024, 09:26
Stock Radar: Contra buy? Navin Fluorine reclaims 100-DMA after 30% fall from high
Short-term traders with high-risk profiles can buy the stock for a bounce back towards 3,600-3,900 levels:
Navin Fluorine hit a high of Rs 4,922 on May 15, 2023, but failed to hold the momentum. It witnessed a price-wise correction, which took the stock towards 3,000 levels. It witnessed a swift rebound after making a low on March 14, 2024, which helped it climb above 100- DMA as well as 50-DMA on the daily charts. This suggests that bulls are trying to take control.
Navin Fluorine, a part of the speciality chemical space, has fallen over 30% from its May 2023 high and has started to edge higher after making a low of around 3,000 levels in March.
Short-term traders with high- risk profiles can look to buy the stock for a bounce back towards 3,600-3,900 levels, suggested experts.
The speciality chemical stock hit a high of Rs 4,922 on May 15, 2023, but failed to hold on to the momentum. It witnessed a price-wise correction, which took the stock towards 3,000 levels.
Navin Fluorine witnessed a swift rebound after making a low on March 14, 2024, which helped it climb above 100- DMA as well as 50-DMA on the daily charts. This suggests that bulls are trying to take control.
The Supertrend indicator also gave a buy signal on April 10 on the daily charts and since then it has been in a rising trend. The stock has also seen a breakout on the upside from a downward-sloping trendline on the daily charts.
The stock is holding well amid volatility seen in markets. It has risen over 8% in a month compared to the 1% fall seen in the Nifty50 in the same period.
The daily Relative Strength Index (RSI) is placed at 59.9. RSI below 30 is considered oversold and above 70 overbought, Trendlyne data showed. The daily MACD is above its Center and Signal Line- this is a bullish indicator.
source: et
May 09 2024, 10:48