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Mukul Agarwal portfolio: Ion Exchange shares are one of the Mukul Agarwal-backed stocks on Dalal Street. This stock has been hitting life-time high for last four successive days in a row. On Tuesday session, Ion Exchange share price hit a new life-time high of 2,766.95 on NSE. However, stock market experts are still bullish on the scrip and they are expecting this Mukul Agarwal portfolio stock to go up to 2900 apiece levels in short term.

Speaking on the reason for continuous rise in Ion Exchange share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Market is highly bullish on the stock after the announcement by the company to foray into the carbon trading. If they get clearance from the government in this regard, then it would be a big positive for the company as they will have a monopoly business in carbon trading. So, one may expect this stock to continue attracting bulls in near term."

Expecting uptrend in this Mukul Agarwal stock to continue further, Sumeet Bagadia, Executive Director at Choice Broking said, "The stock is looking strong on chart pattern as it has formed higher high higher low pattern on chart. One can buy this stock at current levels for short term target of 2700 to 2750 levels maintaining stop loss at 2575 apiece levels."

Giving 'buy and hold' tag to Ion Exchange shares, Anuj Gupta, Vice President — Research at IIFL Securities said, "The stock has formed higher top higher bottom formation coupled with bullish candlestick pattern. Recently it broke the U shape pattern with substantoal volumes. Technical indicators are showing optimism in the trend. Support for the stock is placed at 2570 and then at 2500 levels whereas resistance is placed at 2700 and then 2770 levels. It may test 2700 levels very soon. Closing and trading above 2700 levels, it may trigger a rally towards 2770 and then 2900 levels in the short term."

Mukul Agarwal shareholding

According to shareholding pattern of Ion Exchange for July to September 2022 quarter, Mukul Agarwal holds 2,80,044 shares or 1.91 per cent stake in the company.

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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Asit Manohar

Chief Content Producer at Live Mint Digital Team
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