Technical Analysis

Himadri Speciality Chemical (₹143.2): Buy

Yoganand D BL Research Bureau | Updated on June 14, 2018 Published on June 14, 2018

Mr Anurag Choudhary, CEO, Himadri Speciality Chemical Ltd addressing the media and sharing the Company's Future Plans and Investments in West Bengal   -  Business Wire India

The stock of Himadri Speciality Chemical surged about 4 per cent with above average volume on Thursday. It breached 21- and 50-day moving averages and a key resistance at ₹140 during the day. The stock has now decisively breached a medium-term downtrend-line that was in place since recording a new high at ₹197 in mid-January this year.

The stock found support at ₹110 in early June and started to move higher. Over last weeks, the stock has been trending higher. The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI charts higher in the neutral region. Further, the daily price rate of change indicator has entered the positive territory implying buying interest.

The stock can retain its bullish momentum and continue to trend higher in the short term. It can hit the price targets of ₹149 and ₹152 in the coming trading sessions. Investors with a short-term perspective can buy the stock with a stop-loss at ₹140.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on June 14, 2018
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