“For one week or so, probably the market could be range-bound or and there is scope for some profit booking at this point. So, I am not very bullish, although the trend is going up but with less momentum. So there is some scope for profit booking. I do not see a lot of upside at this moment. I would be a little neutral at this point in time.”
The 50-member Nifty index has now hit a record high in 13 of 19 sessions in December. It gained over 8% so far in the month, on track for its best month since July 2022.
One piece of news is that the Chinese companies are increasing production of just one particular chemical and a stock of an agro chemical industry tanks for two straight sessions. This shows extreme sensitivity of both the market and stock prices to what is happening in China s chemical space. While it would be wrong to say that this will go away, over the long term there is a possibility that some segment in the chemical space will be able to delink and become less sensitive as more backward integration happens in that space. While they come under the broad umbrella word of “Chemical sector” the fact is that each specialty chemical company is literally an industry itself with its own operating matrix of supply chain and demand. We look at the 5 stocks, including 1 stock where analysts have a “hold” recommendation.
Hindenburg Research's report triggered a sharp sell-off in the Adani Group stocks as Adani Enterprises tumbled about 75 per cent from its peak at Rs 4,189.55 to Rs 1,017.10.