advanced enzyme technologies stock price: Chart Check: Contra buy? This agri product company is down 30% from October 2021 highs

which is down more than 30 percent from its 52-week high is showing signs of recovery.

The stock with a market capitalization of more than Rs 3000 crore is firmly in the grip of the bears. On September 20, it was up nearly 10 percent to close at 293 rupees. Within a week it rose by over 6 percent.

Advanced Enzymes is a research-driven company that is a global leader in the manufacture of enzymes and probiotics. It has state-of-the-art manufacturing facilities and R&D centers across India, USA and Europe.

The stock hit a 52-week high of Rs.421 on Oct. 11, 2021 but failed to sustain momentum. The stock closed at Rs 293, downtrend of over 30 percent.

The stock took support above Rs 250 in Feb 2022 and then rallied but found resistance closer to the Rs 300-320 levels. The stock consolidated in a range and retested the Rs.250 level in July before bouncing back.

The stock managed to break above the Rs 300 level in intraday trading on September 20, 2022 and also above a falling trend line since February 2022.

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The Relative Strength Index (RSI) is at 41.1. An RSI below 30 is considered oversold and above 70 is considered overbought. The MACD is below its midline, which is a bearish indicator.

“The stock has corrected from the Rs.503 level to a consolidation around Rs.250 and with the positive candlestick pattern formed the stock seems potentially poised for an upleg,” Vaishali Parekh, Vice President – ​​Technical Research, Prabhudas Lilladher Pvt. Ltd said.

“The RSI indicator is positive; We recommend buying this stock for an upside target of Rs 380 in the next 3-4 weeks and keeping the stop loss at Rs 280,” she added.

(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times)

https://economictimes.indiatimes.com/markets/stocks/news/chart-check-contra-buy-this-agri-product-company-is-down-30-from-october-2021-highs/articleshow/94346320.cms advanced enzyme technologies stock price: Chart Check: Contra buy? This agri product company is down 30% from October 2021 highs

Russell Falcon

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