Stock Radar: Down 30% from highs! This commodity chem stock may bounce back from 5-yr support
The stock gave multibagger returns from March lows to hit a high above Rs 900 levels in April 2022 but failed to hold on to the momentum.
Synopsis
The stock saw a one-way rally after a breakout from the high of Rs 548 recorded in October 2017. It is now trading closer to this support, suggesting a potential bounce-back that could take the stock towards Rs 700 in the next two months, suggest experts.
Gujarat Narmada Valley Fertilisers & Chemicals Ltd, part of the S&P BSE 500 index, has fallen more than 30 per cent in a matter of over two months, but the stock could see a bounce back from its five-year support placed around Rs 540 levels, suggest experts. The commodity chemical company has fallen significantly from an all-time high of Rs 912 recorded on 5 April 2022. It closed at Rs 587 on 21 June. The stock saw a one-way rally after a
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