This speciality chemicals stock has surged over 6% on August 03! Know the target levels
ROSSARI has jumped over 6% during the initial hours of Wednesday’s trading session.
The stock of Rossari Biotech Ltd has soared over 6% and is the top trending stock on Wednesday. With this, it has jumped over 12% in just six trading sessions. It consolidated from many days at its 20-DMA but registered a good breakout and surged higher. After it had fallen over 50% from its lifetime high of Rs 1619, such price action states that recovery is on cards. Interestingly, the volumes remained higher in the past few days, and were greater than 10-day and 30-day average volume. The stock is now above its 20-DMA, 50-DMA, and 100-DMA. Thus, the stock looks attractive for short and medium term.
The 14-period daily RSI (79.85) shows strong strength in the stock. The ADX (26.95) is pointing northwards and demonstrates strong trend strength. The +DMI is well above -DMI. The MACD histogram is rising steadily and indicates good upside. The On Balance Volume (OBV) is elevated after good buying interest emerging in the stock. The Elder Impulse system has charted bullish bars while TSI is also improving. All in all, the stock has seen good buying interest at lower and can soar higher in times to come.
With robust global demand for speciality chemicals, the stock is expected to perform better in near future. It is set to declare its Q1 results on August 6, and any positive commentary can trigger the stock to higher levels. It can test the 200-DMA level of Rs 1075, followed by Rs 1150 in medium term. One can keep a stoploss below Rs 865. It provides good trading opportunities for traders and one can Include it in their watchlist to track its performance.
Rossari Biotech is a midcap speciality chemicals company engaged in manufacturing and supplying of chemical products domestically and overseas. With the market capitalisation of about Rs 5200 crores, It is one of the top growing amongst its peers.
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