Balaji Amines, Deepak Nitrite among 6 chemical stock picks by Vaishali Parekh

Stocks to buy: Here are the chemical stocks picks by Vaishali Parekh, Prabhudas Lilladher-

1.Atul Ltd

At a current market price (CMP) of ₹5,973.90, Vaishali Parekh has fixed the target price at ₹7,250 with a potential upside 21.25 per cent from the current levels. The stop loss is at ₹5,500 at 8.05 per cent

The stock has witnessed a decent correction and recently has shown signs of bottoming out near the 5,730 zone of the long-term trendline zone, thereafter, with a decent pullback seen, has improved the bias to some extent. 

With the RSI hitting the highly oversold zone and thereby witnessing a decent recovery has indicated a positive trend reversal to signal a buy. ‘’With the chart looking good, we suggest to buy and accumulate the stock for an upside target of 7,250 level keeping the strict stop loss of 5,500,” said the market expert.

2.Balaji Amines

At a CMP of ₹2,241, Vaishali Parekh has fixed the target price at ₹2,620 with a potential upside 23.25 per cent from the current levels. The stop loss is at ₹1,920 at 9.70 per cent.

The stock has corrected well attaining the important long term trendline support zone of 2,030 levels and with an indication of a pullback, has improved the bias to some extent. The RSI has flattened out and gradually on the rise to indicate improvement and expected to rise further. ‘’We suggest to buy and accumulate the stock for an upside target of 2,620 keeping the stop loss of 1,920,” said the market expert.
 

3.Clean Science & Technology

At a CMP of ₹1,348.30, Vaishali Parekh has fixed the target price at ₹1,680 with a potential upside 25.20 per cent from the current levels. The stop loss is at ₹1,220 at 9.10 per cent.

Clean Science has made a decent correction from the higher levels of 1,610 to 1,270, where it has taken support multiple times and has almost made a triple bottom formation pattern in the daily chart. Also trading near the lower end of the rectangle pattern level. ‘

’The RSI indicator is also recovering from its oversold zone, and hence we recommend a positional buy in this stock for an upside target of 1,680 keeping a stop loss of 1,220,” said Parekh.

4.Deepak Nitrite

The stock has eroded quite significantly and has arrived near the long term trendline support zone of 2,040 levels where it has taken support and indicated a pullback to move past the important 200 period MA of 2,175 levels signifying strength and further upward move is expected. 

The RSI is well placed and on the rise with much upside potential visible. ‘’We suggest to buy and accumulate the stock for an upside target of 2,690 keeping the stop loss of 2,030,” said Parekh.

5. IOL Chemicals & Pharmaceuticals Ltd

The stock after the decent correction has taken support near the previous bottom made at around 360 zone and has picked up to indicate a pullback. The RSI has improved much from the oversold zone and is on the rise to signal a buy. 

A decisive move past the significant 50EMA level of 400 shall further strengthen the justification to anticipate for further rise in the coming days. ‘’We suggest to buy and accumulate the stock for the upside targets of 455 and 505 levels respectively keeping the stoploss at 347,” said Parekh.

6.Kiri Industries

The stock has recovered significantly after the steep slide and has moved past the 200 period MA of 315 levels to improve the bias once again to anticipate for further rise from current levels. The RSI has shown improvement from the highly oversold zone and has indicated a positive trend reversal to signal a buy. 

‘’We anticipate further rise in the coming days and suggest to buy and accumulate the stock for an upside target of 435 level keeping the stop loss of 312,” said the market expert.

more to come

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Published: 06 Apr 2024, 06:27 PM IST