Buy Orchid Chemicals at Rs 160-155: Anil Manghnani
ET Now caught up with Anil Manghnani, Director, Modern Shares and Stockbrokers Limited, to get his views on the performance of Orchid Chemicals.
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| ET Now caught up with Anil Manghnani, Director, Modern Shares and Stockbrokers Limited, to get his views on the performance of Orchid Chemicals.
Orchid Chemicals has had a fairly interesting movement in the last two trading sessions. It was one of the top gainers day before or Friday’s trade. Yesterday, it took a bit of beating as well. How are you reading into the charts?
I had it as a recommendation a couple of times. It’s a good trading stock and it took support around the 200-day moving average. On the bounce, Rs 175-180 is a crucial resistance zone but even as a trading idea, if it comes back to Rs 160-155 it warrants a trading buy with a pullback of may be Rs 169-170. It’s a good trading stock so play in that way every time it comes down or falls sharply, you get into it and play for a 7-8 per cent bounce.
Orchid Chemicals has had a fairly interesting movement in the last two trading sessions. It was one of the top gainers day before or Friday’s trade. Yesterday, it took a bit of beating as well. How are you reading into the charts?
I had it as a recommendation a couple of times. It’s a good trading stock and it took support around the 200-day moving average. On the bounce, Rs 175-180 is a crucial resistance zone but even as a trading idea, if it comes back to Rs 160-155 it warrants a trading buy with a pullback of may be Rs 169-170. It’s a good trading stock so play in that way every time it comes down or falls sharply, you get into it and play for a 7-8 per cent bounce.
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