The stock has seen a decline of over 45% from its all-time high (ATH) and is currently trading below its 200-day moving average (MA).
It is maintaining a consistent trading pattern within a range of 418 to 505, which constitutes a 20% range. The stock has found support at multiple points within this range and has experienced three movements from 418 to 505 within the past year.
W pattern is also being formed. Long term target can be 700 & Short term 500.
From a fundamental perspective, the company has achieved its highest-ever revenue and profit figures, with the exception of the last quarter where a significant reduction in the prices of raw materials and finished goods led to a stock revaluation as per the Accounting Policy. This revaluation impacted the gross profit (GP) and overall profitability by Rs. 71 crores. According to the management presentation, the company anticipates an improving trend in Q2FY24.