This midcap fertilizer stock is booming in volatile market conditions! Know more about this stock

This midcap fertilizer stock is booming in volatile market conditions! Know more about this stock

by 5paisa Research Team Last Updated: 2022-07-13T13:36:23+05:30

The stock of PIIND has soared nearly 20% from its recent swing low and is above all the key moving averages.

The stock of Pi Industries jumped nearly 2.50% during the initial hours of Wednesday’s trading session. It is currently in a strong uptrend, having gained nearly 20% from its prior swing low of Rs 2442 in just over 2 weeks. With this, it has crossed above all its key moving averages and has also surged above its prior swing high of Rs 2818. What has attracted traders is the series of bullish candles made by the stock, as evident from the above averaged volumes. The volumes were found to be above average in the past few days, which is a positive sign. Thus, the price structure accompanied by the volumes shows a bullish picture.

The technical parameters also indicate good strength in the stock. The 14-period daily RSI (70.54) is in the bullish territory and above its respective swing high. The ADX (23) is pointing northwards, while +DMI is well above the -DMI. The MACD line continues to move higher and other momentum oscillators also show bullishness in the stock. The stock is positive, as per Guppy’s Multiple Moving average (GMMA). Interestingly, the stock is above its 38.2% retracement level of its prior downtrend. Overall, the above points demonstrate a strong uptrend in the stock and the stock is likely to move further.

In one month, the stock has jumped over 11% and has outperformed the broader market. The fertilizers stocks are on a roll, and such good quality stock is exhibiting buyer’s interest. In the coming days, the stock can test levels beyond Rs 3000 levels. Medium-term traders can initiate a position in the stock at dips and can expect good gains. It provides good swing trading opportunities and one must keep it on the watchlist to track its further development.

Pi Industries is engaged in the manufacturing and distribution of agro-chemicals in India. With a market capitalization of about Rs 44000 crore, it is one of the strong companies in its sector.

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