Intraday share for today: Hikal shares have given series of breakouts and looks highly bullish on the chart pattern, say experts
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Intraday share for today: Amid Indian indices soaring to its record high and bulls not looking in mood to give up, a handful of stocks have delivered multibagger return to its shareholders. Hikal shares are one of them. This multibagger stock has surged from 154.90 per stock levels to ₹692.25 apiece (today at 2:11 PM) in last 6 months — logging near 330 per cent rise in this period. However, stock market experts are seeing more gain in the counter as the stock has given series of breakouts. They said that Hikal is in API manufacturing, whose prices have almost doubled in last one year and it is expected to further scale northward. Since, API suppliers are limited in pharma and specialty chemical sector, Hikal share price rally is expected to continue further.
Speaking on day trading stocks to buy; Ravi Singhal, Vice Chairman at GCL Securities said, "Hikal is in API manufacturing, which is in high demand in pharma and specialty chemical sector. Apart from this, API prices have almost doubled in the last one year and it is expected to further scale northward. So, the benefit of API price rise is expected to trickle down in Hikal's financials. Market is expecting strong quarterly numbers due to rise in API price." He said that there are limited players both in domestic and global markets who supply API. So, the upside movement in Hikal share price may continue in upcoming trade sessions.
Counting Hikal shares into ‘buy today sell tomorrow stocks’ or BTST trading stocks; Rohit Singre, Senior Technical Analyst at LKP Securities said, "Hikal shares have given series of breakouts and looks highly bullish on the chart pattern. It has strong support at ₹600 to ₹620 levels. One can buy Hikal stock at current levels and keep on accumulating till it is above ₹640 maintaining stop loss at ₹620. The stock may go up to ₹7 in immediate short-term."
Giving 'shares to buy today' tag to Hikal shares; Ravi Singhal of GCL Securities said, "Hikal shares can buy bought for medium to long-term for the target of ₹880. It may hit this target in next 6 to 9 months."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.