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Stock Radar: Down over 40% from 52-week high in Oct! Is this chemical stock a contra buy?
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Deepak Fertilisers and Petrochemicals Corporation, a part of the commodity chemical industry, is down by over 40% from its October highs but the recent chart pattern suggests a potential bounce back.The stock hit a 52-week high of Rs 1,061 on October 21, 2022, but failed to hold on to the momentum. It closed at Rs 614 on July 10, which translates into a fall of 42%.The recent price momentum suggests that bulls are trying to take control.
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