Swan Corp rises 2.6% as five-day losing run ends

Swan Corp Limited shares rose 2.61% to Rs 269.75 on 6 October, ending a five-day fall that took the stock to a fresh 52-week low. Support is at Rs 260. Swan Corp Limited [

] shares rose 2.61% to Rs 269.75 on 6 October. The move ended a five-day losing streak that had taken the stock to a fresh 52-week low. The session opened at Rs 263.10, touched a high of Rs 270.75 and a low of Rs 262.60. The stock remains in a long downtrend, so one up day alone does not show a reversal. The company recently won an order for four 92,500 DWT dual-fuel ammonia bulk carriers from Energy ONE Limited. A promoter entity also pledged 0.64% of the company's shares in September. The RSI reads 33.96, close to the oversold zone, which shows weak momentum after the fall. It does not show that selling is over. Rs 260 is the key support. A fall below it would put lower levels in view. On the upside, Rs 275 and Rs 285 are the immediate resistance levels. A move above them would bring a recovery attempt into focus. Neutral stance while price trades between Rs 260 and Rs 285. 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.