Alkyl Amines Chemicals Ltd shares surged over 7% during Thursday’s trading. The stock opened at ₹2025 on the BSE, up about 1% from the previous close, and climbed to ₹2149.90 during the day.
Anand Rathi’s Pick
Despite the recent jump, Anand Rathi Investment Services continues to recommend buying Alkyl Amines shares, which they have named their “Pick of the Month.” Although the stock is down 21.4% for the year, it has gained over 6% in the past month.
Chemical stocks, including Alkyl Amines, have been under pressure due to a global destocking cycle and concerns about demand, particularly from developed countries and China. However, there are now signs that the worst may be over. The destocking cycle seems to be ending, and chemical demand appears to have bottomed out. Growth in developing countries is stabilizing, and interest rates may have peaked.
Analyst Insights
Anand Rathi analysts note that many chemical stocks have been in a consolidation phase. They point out that Alkyl Amines has formed a double bottom around the ₹1800 mark and has broken out of a falling trend line with significant trading volumes.
Therefore, Anand Rathi advises traders to buy Alkyl Amines shares in the ₹2090-2110 range, with a stop loss at ₹2000, targeting an upside of ₹2300.
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