Shares of Philips Carbon Black has been forming higher top higher bottom formation for the past several sessions and in the recent session it even broke above the downward sloping trend line, which suggests a rally in the stock, highlighted brokerage house HDFC Securities. .
recommendation chemical stock The domestic brokerage and research firm has given a buy rating to the shares of Philips Carbon with target prices as its top emerging positional pick. 261, 275 and stop loss 232 with a time horizon of up to three months.
“The stock is also on the verge of a bullish retracement which is also a bullish signal. After taking support, the short term trend of the stock has turned positive,” the note said.
The RSI (Relative Strength Index) oscillator is placed above 60 and above, which is indicating a consolidation in the current uptrend as per HDFC Securities. Looking at the technical evidence, the brokerage has advised to buy the stock.
Philips Carbon Black, a part of the RP-Sanjeev Goenka Group, is the largest carbon black manufacturer in India with a customer base in 40+ countries. Apart from its four state-of-the-art plants at Durgapur (West Bengal), Palej (Gujarat), Mundra (Gujarat) and Kochi (Kerala), it also has Research and Development (R&D) centers at Palej (Gujarat and Ghislenghian). (Belgium).
Shares of Phillips Carbon have given nearly 41% returns in the one-year period, while they are up a mere 2% in the past six months, compared to the more than 16% rise in the benchmark Sensex. Over the past five years, the chemical stock has risen by over 418%. The level of 47 in January 2017 is currently hovering at 248 per share on BSE.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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