Fineotex Chemical slumps over 19% in eight days

Fineotex Chemical dropped 8.55% to Rs 258.20, extending losses for the eight trading session.

Shares of Fineotex Chemical have fallen 19.08% in eight trading sessions.

The stock underperformed the market over the past one month, falling 23.92% compared with 0.44% rise in the Sensex.

The scrip underperformed the market in past one quarter, sliding 28.64% as against Sensex's 3.69% rise.

The scrip had, however, outperformed the market in past one year, gaining 81.16% as against Sensex's 7.54% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 15.79. 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 above its 50-day and 100-day simple moving averages (SMA) placed at 340 and 316.33, respectively. These levels will act as resistence zones in near term.

The stock was still trading above 200 SMA placed at 247.87 mark.

Fineotex Chemical is engaged in the business of manufacturing of textile chemicals, auxiliaries and specialty chemicals. The company's consolidated net profit surged 91.9% to Rs 20.57 crore on 71.1% jump in revenue from operations to Rs 134.31 crore in Q2 FY23 over Q2 FY22.

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