Navin Fluorine hits new record high; rises 7% in two days

Navin Fluorine jumped 1.32% to Rs 4,299.25, extending its winning run to second consecutive trading session.

Shares of Navin Fluorine International have surged nearly 7.7% in two trading sessions from its previous closing low of Rs 3991.30 posted on 24 December 2021. The counter hit a record high of Rs 4,339 intraday today. The stock has zoomed 93.75% from its 52-week low of Rs 2,219 recorded on 29 January 2021.

In last one month, the stock moved nearly 24% higher as compared to a 1% rise in Nifty 50 index. Since the start of 2021, the Padmanabh Mafatlal Group stock has given stellar returns to investors, rising 64.5%, while the Nifty 50 index has gained 23% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 73.601. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 3676.88 and 3765.47 respectively. These levels will act as crucial support zones in near term.

Navin Fluorine International is one of the manufacturers of speciality fluorochemicals. The chemical maker posted a 6.8% decline in consolidated net profit to Rs 63.22 crore in Q2 FY22 from Rs 67.81 crore reported in Q2 FY21. Revenue from operations increased by 6.3% to Rs 338.96 crore in Q2 FY22 over Q2 FY21.

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