The fertiliser stock hit a fresh 52-week high of Rs 402 on January 4, but failed to hold on to the momentum. It found support above the 20-WEMA once in March and then again in April. On the daily chart, it bounced back after retesting the 50-DMA earlier this week, which suggests that bulls are here to stay.
The stock underwent a consolidation phase in February, where Rs 300 acted as a stiff resistance, while on the downside, support was seen above Rs 250 levels on the weekly charts. The Supertrend indicator also triggered a buy call on the weekly charts last week. The stock price surpassed a 50 and 200-week Moving Average on the weekly charts, a positive sign for the bulls.