Shares of Ather Industries have been bullish since they were listed on BSE and NSE in June 2022. The chemical stock has climbed to a lifetime high for the second straight session in Friday’s opening session of deals. Shares of Ather Industries today opened with a gap of above and climbed to the four-digit figure and reached the new high mentioned above.
According to Share Market According to experts, the chemical stock is in a continuous upward trend and it may go up 1244 levels each in the next 3 months due to a turnaround in the chemical space on Dalal Street. He said that the chemical stock has formed ‘higher high lower low’ on the chart which indicates further upside in Ather Industries shares. He recommends ‘Dips on Dips’ strategy as there may be some profit-booking in the stock in the near future.
Speaking on the reasons for the rise in Ather Industries shares, Ravi Singhal, CEO, GCL Securities said, “There is a rally in the chemical space as the sector is witnessing turnaround. As the market is facing a sell-off amid speculations of 100 bps interest. US Fed rates hike next week, global equity markets are under pressure. Hence, investors are looking at the chemical segment as a sage bet. The stock has formed a high high low low on the chart pattern. indicates rapid growth.”
Advising the shareholders of Ather Industries to keep the stock ahead, Sumeet Bagadiya, Executive Director, Choice Broking said, “One should hold the stock approx. from 1150 Target 1200 and keep buying on the downside till the stock is above 950 each level. I recommend to Chemical stock shareholders to upgrade the trailing stop loss 950 and around and keep accumulating 975 each level.”
Ravi Singhal, GCL Securities, advising positional investors to stick to the ‘Dips on Dips’ strategy said, “One should buy and hold the stock for a target of three months. 1244 level and keep accumulating every 4-5 per cent fall from current levels.”
The IPO of Ather Industries was launched in May 2022 at an issue price of from 610 642 per equity share. The chemical stock was listed on BSE and NSE in June 2022 at a premium of around 9.30 per cent. But, the stock continues to rise and rise after the listing 1048.90 each level giving more than 60 per cent returns to the allottees in the last four months.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.