Tata Chemicals rises 10% in three days

Tata Chemicals gained 2.76% to Rs 319.75, rising for third consecutive trading session.

Shares of Tata Chemicals have surged about 10% in three trading days from its previous closing low of Rs 292 on 17 August 2020. The stock is up nearly 62% from its 52-week low of Rs 197.40 hit on 23 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 63.024. 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 between its 100 days and 200 days simple moving average placed at 290.41 and 445.78 respectively. These levels will act as crucial support and resistance zone in near term.

In the derivatives market, Tata Chemical's option chain for 27 August 2020 expiry showed maximum call open interest (OI) of 15.92 lakh contracts at the 320 strike price. Maximum put OI of 3.18 lakh contracts was seen at 300 strike price.

The chemicals maker reported 67.2% drop in consolidated net profit to Rs 74.15 crore in Q1 June 2020 compared with Rs 226.33 crore in Q1 June 2019. Consolidated net sales for Q1 June 2020 stood at Rs 2,348.16 crore, falling 9% from Rs 2584.03 crore in Q1 June 2019.

Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products, consumer and specialty products.

Powered by Capital Market - Live News