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Business News/ Markets / Stock Markets/  Stocks to buy: Balaji Amines, Deepak Nitrite among 6 chemical stock picks by Vaishali Parekh of Prabhudas Lilladher
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Stocks to buy: Balaji Amines, Deepak Nitrite among 6 chemical stock picks by Vaishali Parekh of Prabhudas Lilladher

Stocks to buy: Atul Ltd, Balaji Amines, Clean Science & Technology, Deepak Nitrite, IOL Chemicals & Pharmaceuticals Ltd, and Kiri Industries, are the six chemical stock picks

Vaishali Parekh has recommended six chemical stocks picks to buy (Prabhudas Lilladher)Premium
Vaishali Parekh has recommended six chemical stocks picks to buy (Prabhudas Lilladher)

Chemical stocks to buy: Atul Ltd, Balaji Amines, Clean Science & Technology, Deepak Nitrite, IOL Chemicals & Pharmaceuticals Ltd, and Kiri Industries, are the six chemical stock picks that are amongst thematic technical picks by Vaishali Parekh Vice President - Technical Research , Prabhudas Lilladher Pvt. Ltd. Apart from the chemical stocks, Parekh had also recommended the top four defence sector technical picks earlier this week.

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.

Also Read: Stocks to Buy: Cochin Shipyard, Mazagon Docks among 4 Defence Sector technical picks by Prabhudas Lilladher

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.

Also Read: Q4 Results Preview | Telecom cos to report moderate growth on ARPU upgrades; Bharti Airtel, Jio to lead the pack

4.Deepak Nitrite

At a CMP of 2,219.45, Vaishali Parekh has fixed the target price at 2,690 with a potential upside 23.30 per cent from the current levels. The stop loss is at 2,000 at 8.35 per cent.

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

At a CMP of 396.50, Vaishali Parekh has fixed the target price at 505 with a potential upside 30.50 per cent from the current levels. The stop loss is at 347 at 10.35 per cent.

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.

Also Read: Dividend Stocks: Sun TV Network, DCM Shriram Industries, others to trade ex-dividend next week; check full list

6.Kiri Industries

At a CMP of 363.85, Vaishali Parekh has fixed the target price at 435 with a potential upside 25.05 per cent from the current levels. The stop loss is at 312 at 10.35 per cent.

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.

 

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 06 Apr 2024, 06:27 PM IST
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