Nifty retained its winning streak on Tuesday for the sixth session in a row and hit a fresh lifetime high catapulted by index heavyweight HDFC Bank. The 50-stock index finished at 22,196.95, higher by 74.70 points or 0.34%.
The stock picked up momentum after retesting the 50-week moving average in October 2023, which helped it hit a fresh 52-week high in January 2024. The stock hit a fresh 52-week high of Rs 2,520 on 1st January 2024 but quickly witnessed some healthy profit-taking at higher levels. However, any dips towards Rs 2,400 could be used as a buying opportunity.
Deepak Nitrite stock has experienced a notable breakthrough, surpassing a horizontal trendline on the daily scale. This breakthrough was not only characterized by a substantial increase in trading volume, indicating strong market participation, but also accompanied by the formation of a sizable bullish candle on the breakout day.
While it might not have made it to the headline, some management in their recent concalls have indicated that after its re-opening China has seen a sudden spike in the production of some chemicals which has led to sharp drop in prices. Especially in segments like agrochemicals, there has been pressure on prices. Now the issue is just because they are called chemical companies, they tend to be clubbed together. The fact is that each chemical company operating matrix is so different that it can be called an industry in itself. We look at the stocks where analysts have “hold” recommendation at a time when Chinese headwinds are blowing.