RCF Q2 profit jumps 24%, but trend stays weak

Rashtriya Chemicals and Fertilizers reported Q2 profit up 24.3% to Rs 130.9 crore as revenue fell 4.3%. Resistance is at 112.65 and support at 93.11. Rashtriya Chemicals and Fertilizers Limited [ RCF ] reported Q2 consolidated profit up 24.3% year on year to Rs 130.9 crore, against Rs 105.4 crore. Revenue fell 4.3% to Rs 5,063.2 crore from Rs 5,292.6 crore. On the daily chart, the stock trades near Rs 108.88, below the falling 100-day EMA at 112.65, which also lines up with the descending trendline. Price has bounced from the recent swing low of 93.11, and RSI has climbed to 62.30, above its average of 44.92. In my view, momentum has shifted in favour of buyers, but the larger picture remains downside while price stays below 112.65. A close above 112.65 would be the first sign of strength and would bring a trendline breakout into focus. A fall below 93.11 would reopen the downside. Stance: weak while below 112.65, with 93.11 as key support. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.