Alkyl Amines Chemicals share price rises 7% but Anand Rathi Investment Services still gives a buy: Here’s why

  • Stock Market Today: Alkyl Amines Chemicals share price gained 7% in the intraday trades on Thursday. It remains pick of the month of Anand Rathi Investment Services. Here's Why

Ujjval Jauhari
First Published20 Jun 2024, 02:12 PM IST
Alkyl Amines Chemicals share price rises 7%: Remains pick of the month of Anand Rathi Investment
Alkyl Amines Chemicals share price rises 7%: Remains pick of the month of Anand Rathi Investment(https://jgchem.com/)

Stocks market today: Alkyl Amines Chemicals Ltd share price gained more than 7% during the intraday trades on Thursday. Alkyl Amines Chemicals share price  opened at 2025 levels on Thursday on the BSE with gains of around 1% over the previous close. Alkyl Amines Chemicals share price thereafter rose to 2149.90 levels , marking gains of more 7% during intraday trades.

Alkyl Amines Chemicals share price  remains pick of the Month of Anand Rathi Investment Services. 

Alkyl Amines share price while is down 21.4% year to date, however with today gains has risen more than 6% in last one month,

Also Read- PSU stocks: Valuation premiums likely to sustain, says MOSFL; SBI, Coal India, GAIL among 5 preferred PSU stock picks

Chemical stocks have remained under pressure for some time looking at the destocking cycle that continued globally. There were concerns on demand for chemicals looking at the growth concerns in the international arena and the developed countries. The China demand scenario in itself remained a challenge while the exports from China continued to rise putting pressure on global chemical prices. 

The hopes now are that the destocking Cycle may be behind . Besides chemicals demand is likely to have bottomed out. Also the growth in the developing countries may also have bottomed out and slowdown concerns too have receded with interest rates likely to have peaked by now.

Also Read- Stocks to buy: Navin Fluorine, Chemplast Sanmar, SRF among top 5 chemical stock picks by ICICI Securities

Analysts at Anand Rathi Investment Services say that most of the chemical stocks were into consolidation mode since quite some time.

They highlight that after a decent corrective move, Alkyl Amines chemicals has confirmed a double bottom formation around 1800 mark.

Also Read- Torrent Pharma, Sun Pharma preferred picks of Citi Research

 Further in the today’s session, the Alkyl Amines chemicals share price confirmed a breakout from a falling trend line with volumes. 

Thus, analysts at Anand Rathi Investment Services advise traders to buy the Alkyl Amines chemicals share in  the range of 2110 – 2090 with a stop loss of 2000 for upside target of 2300. 

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

 

 

 

 

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News in Numbers

Numbers that help you understand news better
1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:20 Jun 2024, 02:12 PM IST
HomeMarketsStock MarketsAlkyl Amines Chemicals share price rises 7% but Anand Rathi Investment Services still gives a buy: Here’s why

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