Buying opportunity seen in Orchid Chemicals: Mitesh Thacker

Mitesh Thacker, www.miteshthacker.com, in a chat with ET Now, gives his views on Orchid Chemicals


What is the call on Orchid Chemicals?

Stocks like Orchid look slightly better on the charts in the sense that they have just made a low near their earlier low which is in December 2010 Orchid bottomed out at about 240 after this spectacular performance in the months before.

So it is evolved into a very broad range of about 320-325 on the higher side, 240 on the lower side but around 240-230 you will see some support coming into this stock. On the upside, 265 to about 275 would be the first hurdle and that is where serious supply can emerge.

So it remains a range bound stock but around 240-230 could be good buying opportunities if you buy with a 3% to 4% stop loss.