Paradeep Phosphates (cmp 72) is a fertiliser company which had its IPO in May 2022. IPO price was 42. Post listing at close to IPO price, stock price went down to 37 and then rallied to post a high of 72 in Sep 2022, and then corrected 61.8% or its previous rally, to post a bottom at 49 and again started rallying.
As visible from the chart put up, the stock price crossed its previous peak of 72 recently and has been consolidating at and around those levels. Two important resistances at 69 and 72 are marked on charts and stock price has managed to stay near or above these levels.
The structure of the move from Sep 22 to Sep 23 is a rounding bottom. A lot of fertiliser stocks have shown some strength in recent past.
disc: invested as a technical bet. ( not a recommendation. anyone contemplating investment should do their own diligence. )
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