/ Divi's Lab Bounces Back From 52 Week Low Reversal Or Short Covering Is The Question ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 13 January 2017

Divi's Laboratories, which has fallen by nearly 50% from its 52-week high since August 2016, has taken a support at its 52 week low level. When the whole market was buoyant, Divi's Lab had hit its 52 week low levels in the previous session.

The stock had earlier given a sharp fall on December 23 after US FDA had issued form 483 with five observations that went against Divi's Laboratories' unit at Chippada Village in Vishakhapatnam of Andhra Pradesh; and since then it has seen huge volumes.

The stock has filed a detailed response to Form 483 at the beginning of the current week. Thereby, we observe that the stock has likely given a reversal from its 52-week low and is trading today with 2.5% upbeat, after consolidating for last four sessions. 

The stock posted same open and low at Rs 740 on BSE and has seen gradual higher tops and higher bottoms in intraday trade. The oscillators RSI and Stockhastics have popped out of their oversold zones. Let’s see if it’s a fresh buying phenomenon or just short covering.
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