Alkyl Amines Chemicals share price rises 7%: Remains pick for the month of Anand Rathi Investment Services: Here’s why

Alkyl Amines share price while is down 21.4% year to date, however with today gains has risen more than 6% in last one month,

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Chemical stocks have remained under pressure for some time looking at the destocking cycle that continued globally. There were concerns on demand for chemicals looking at the growth concerns in the international arena and the developed countries. The China demand scenario in itself remained a challenge while the exports from China continued to rise putting pressure on global chemical prices. 

The hopes now are that the destocking Cycle may be behind . Besides chemicals demand is likely to have bottomed out. Also the growth in the developing countries may also have bottomed out and slowdown concerns too have receded with interest rates likely to have peaked by now.

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Analysts at Anand Rathi Investment Services say that most of the chemical stocks were into consolidation mode since quite some time.

They highlight that after a decent corrective move, Alkyl Amines chemicals has confirmed a double bottom formation around 1800 mark.

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 Further in the today’s session, the Alkyl Amines chemicals share price confirmed a breakout from a falling trend line with volumes. 

Thus, analysts at Anand Rathi Investment Services advise traders to buy the Alkyl Amines chemicals share in  the range of ₹2110 – 2090 with a stop loss of ₹2000 for upside target of ₹2300. 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

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Published: 20 Jun 2024, 02:12 PM IST