Fineotex Chemical gallops on bargain hunting

Fineotex Chemical surged 7.77% to Rs 358.50 on bargain hunting after a recent steep sell off.

Shares of Fineotex Chemical tumbled 11.62% in the past five trading sessions.

The stock had outperformed the market over the past one month, rising 35.64% compared with 0.56% rise in the Sensex.

The scrip outperformed the market in past one quarter, gaining 120.68% as against Sensex's 16.24% rise.

The scrip had also outperformed the market in past one year, climbing 178.55% as against Sensex's 2.54% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 63.87. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 265.83, 221.17 and 190.52, respectively. These levels will act as crucial resistance zones in near term.

On the BSE, 43000 shares were traded in the counter so far compared with average daily volumes of 1.36 lakh shares in the past two weeks. The stock hit a high of Rs 360.05 and a low of Rs 333.50 so far during the day.

The stock hit a record high of Rs 409.45 on 13 September 2022. The stock hit a 52-week low of Rs 103 on 30 November 2021.

Ace investor Ashish Kacholia owned 26,92,534 equity shares, or 2.43% stake, of Fineotex Chemical as of August 2022.

Fineotex Chemical is a leading manufacturer of over 450 specialty chemicals and enzymes. On a consolidated basis, its net profit rose 108.76% to Rs 19.77 crore on 114.55% surge in net sales to Rs 135.77 crore in Q1 June 2022 over Q1 June 2021.

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