Have a buy on Ballarpur: Devang Visaria, devangvisaria.com

Devang Visaria, Chief Strategist, devangvisaria.com, in a chat with ET Now talks about Camlin and Ballarpur.

What is your view on Camlin and Ballarpur? How many days’ trade is it? Also, what do you like on the charts?

Camlin is a very interesting setup on the charts. If you were to look out for the monthly chart, there is a good rounding formation on the charts. Again, do not go by the price of Rs 32 because it is a Rs 2 paid-up stock and on a Rs 10 paid up stock. So it would appear to be a very small cap stock. It is not that thing. It has given a breakout above 30 levels which was a very crucial resistance. Also, the stock was consolidating for almost the whole of last year between 30 and 20 levels. So there is a safe upside to around 37-42 levels.

Again, the long term setup makes us believe that this is a good potential multibagger candidate. You could have a target of closer to 55-60 if you were to be patient and holding onto it just for at least six months to one year horizon but right now, it has the potential to head to around 37 or so levels.

Ballarpur again has been on our radar for quite a long time and stock looks to have formed a decent bottom at around 27-28 levels after the heavy ran up to around 38-39 which we saw in May. Right now, the stock has the potential to go back to 34-37 levels. Hence the reason we are giving a buy on Ballarpur.