Gladiator Stocks - Coromandel International - ICICI Direct
Posted On:
2022-04-30 13:58:39 (Time Zone: IST)
Technical View
- Agri Input related stocks are in strong up trend and are seen relatively outperforming the broader market in the last two quarters. Within the space, we remain constructive on Coromandel International as it is on the cusp of generating a breakout above the last 10 month's consolidation on the back of strong volume signalling conclusion of secondary correction and resumption of the structural up trend. Hence, it offers a fresh entry opportunity
- Key observations is that the stock has witnessed a faster retracement of the last falling segment as seven month's decline (Rs. 929-730) was completely retraced in just two months. A faster retracement in less than half time interval highlights positive price structure
- The current week's price rise is supported by strong volume of more than double the 50 week's average volume of 25 lakh share per week highlighting larger participation in the direction of the trend
Shares of Coromandel International Limited was last trading in BSE at Rs. 893.90 as compared to the previous close of Rs. 900.10. The total number of shares traded during the day was 77004 in over 5113 trades.
The stock hit an intraday high of Rs. 919.75 and intraday low of 888.45. The net turnover during the day was Rs. 69595713.00.
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