Sharda Cropchem gains on bargain buying

Sharda Cropchem rose 1.33% to Rs 640.75 on burgain hunting after sliding for four trading sessions.

The stock fell 14.39% in the past four sessions to end at Rs 632.35 yesterday, from its recent closing high of Rs 738.60 recorded on 9 June 2022.

In the past one year, the stock soared 71.76% while the benchmark Sensex fell 2.02% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 42.130. 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 is trading below its 50-day, 100-day and 200 day simple moving average (SMA) placed at 680.02, 617.20 and 472.14, respectively.

Sharda Cropchem is a global crop protection chemical company largely operating across Europe, NAFTA and Latin America across fungicides, herbicides and insecticides.

The company reported 32.2% surge in consolidated net profit to Rs 176.97 crore on a 31.8% jump in net sales to Rs 1,434.50 crore in Q4 FY22 over Q4 FY21.

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