Orchid Chem a good stock: Sameer Shetye, AK Stockmart

Sameer Shetye, Derivatives & Technical Analyst, AK Stockmart, in a chat with ET Now talks about Orchid Chemicals.

What do you make of Orchid Chem?

Orchid Chem looks like a very good counter. The stock has been up on the weekly charts. It has been taking good support at a 200 DMA which stands at around 186 levels at the moment. I think the stock has some initial resistance at 233 levels.

The stock is currently quoting at roundabout 225 odd levels. So I think post this particular resistance, the stock can give a sharp up move up to 280 levels. Those long in the counter can hold on to the positions keeping a trailing stop of say somewhere around 204-205 levels and it can expect higher levels in the medium to immediate term.