Fluorochem has been in a corrective mode ever since it’s q2 results. From the high of above 4100 it has fallen to current levels of around 3250. Now a 20-25% fall from peak is nothing new.
Fundamentally, company has given good results and the tone in q2 fy 23 concall was encouraging. With this 20 percent fall from peak, valuations seem to have become more attractive.
The major reason for the fall had been rumours of promoters selling a small 1-2% stake to take care of pledging and debt issues across group companies. This overhang ended yesterday with massive volumes recorded in the counter. Buyer and seller details will be available once details of block deal are announced.
Technically, 30 WMA is slightly above 3300 and still rising and 200 dema is at 3150. These are important levels to watch.
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