On the downside, the 19,300-19,250 level represents a critical demand zone. A breach below this range may extend the correction towards the 19,000 and 18,800 levels. Therefore, the range of 19,300-19,800 should be closely monitored as it currently defines the trading range.
Kotak Institutional Equities has cut its FY2024-26E EPS estimate for Navin Fluorine, citing possible delays in growth projects. Jefferies has downgraded the stock to hold from buy and reduced the target price to Rs 3,625 from Rs 5,475
The company said executive chairperson Vishad Mafatlal will steer the operations till it finds a replacement for Welling. While maintaining its overweight rating on the stock with a target price of ₹4,951, Morgan Stanley said it has "taken note of this high attrition in top management" and expects to hear more from the company on plans to tackle the same.
The commodity chemical stock hit a record high of Rs 4,922 on 15 May 2023, but it failed to hold on to the momentum. The stock formed a strong base above 4,200 levels and tested this level twice in July 2023 before heading higher.