Home / Markets / Stock Markets /  HDFC Securities bullish on this chemical stock with 3 months time frame
Listen to this article

Phillips Carbon Black shares are making higher top higher bottom formation from last several sessions and it has also breached above downward slopping trend line in the recent session, suggesting bullishness in the stock, highlighted brokerage house HDFC Securities.

Recommending the chemical stock as its top emargin positional pick, the domestic brokerage and research firm has given a Buy rating to Phillips Carbon shares with a target prices of 261, 275 and stop loss of 232 with a time horizon of up to three months.

"The stock is also on a verge of doing faster retracement, which is also a bullish indication. The short term trend of the stock has turned positive after taking support," the note stated. 

RSI (relative strength index) oscillator is placed above 60 and rising upwards, which as per HDFC Securities is indicating strength in the current uptrend. Considering the technical evidences, the brokerage has recommend buying the stock.

Phillips Carbon Black, a part of RP-Sanjiv Goenka Group, is the among the largest carbon black manufacturer in India and with customer base in 40+ countries. Apart from its four state-of-the-art plants at Durgapur (West Bengal), Palej (Gujarat), Mundra (Gujarat) and Kochi (Kerala), it also has research and development (R&D) centres at Palej (Gujarat and Ghislenghien (Belgium).

Shares of Phillips Carbon has given around 41% return in a year's period whereas they are up a mere 2% in the last six months as compared to over 16% rise in benchmark Sensex. In the past five years, the chemical stock has rallied over 418%, from around 47 apiece level in January 2017 to currently hovering over 248 per share on the BSE.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout