Mileen Vasudeo says: “Nifty is likely to head towards 22,300 to 22,500 levels. But yes, at lower levels like say 21,900, there is good support. Overall, the breadth of the market remains positive throughout the trading session. On the sector front, IT has really lifted the sentiments and the pharma pack is also looking good on the charts.”
The stock hit a 52-week high of Rs 2063 on 31st May 2023, but it failed to hold on to the momentum. The stock closed at Rs 1826 on 8th January 2024, translating into a fall of over 11%.
Axis Securities has a ‘buy’ call on the stock with a target price of ₹2,615, implying a potential upside of 10 percent. This is on the back of its attractive valuations, strong growth opportunities, positive company-specific triggers, and macroeconomic tailwinds.
The specialty chemical stock hit a 52-week high of Rs 2792 on 3rd January 2024. It has risen more than 4% in a week, and over 13% in the last 3 months.