Tatva Chintan has been consolidating for quite some time between Rs 1,600 and Rs 1,850 levels. It has made a positive candle pattern on the daily chart, with good volume activity. 
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Tatva Chintan has been consolidating for quite some time between Rs 1,600 and Rs 1,850 levels. It has made a positive candle pattern on the daily chart, with good volume activity. Vaishali Parekh, Vice President for Technical Research at Prabhudas Lilladher has come out with a note on six chemicals stocks where she sees up to 25 per cent upside in the short term. They are Navin Fluorine, UPL, Gujarat Alkali Chemicals, Tatva Chintan Pharma Chem Ltd, Aarti Industries and Alkyl Amines Chemicals Limited.
Parekh has a target of Rs 600 on Aarti Industries. She said the stock has made more or less a double bottom pattern formation on the daily chart and has got a strong support at around Rs 440 level. The stock has regained strength and is on the rise, she said adding that the RSI has also turned positive, signalling a buy. She advised traders to buy the stock for an upside target of 600, keeping a stop loss at Rs 440. The target suggests 25 per cent potential upside.
Alkyl Amines Chemicals, Parekh said, corrected from the peak level of Rs 4,700 to Rs 2,100 level. From thereon, it recovered strongly to move near its 200-DMA level with high volumes, signifying strength. She anticipated a further up move to the extent of around Rs 3,000 level. With the RSI showing a positive bias, Parekh recommended a 'buy' on the stock for an upside target of Rs 3,000. he advised traders to keep a stop loss at Rs 2,250.
In the case of Tatva Chintan Pharma Chem, the stock has been consolidating for quite some time between Rs 1,600 and Rs 1,850 levels. It has made a positive candle pattern on the daily chart, with good volume activity. Parekh said the RSI indicator has made a positive trend reversal and has signalled a buy with a positive bias. "With favourable indicators supporting, we recommend a buy in this stock for an upside target of Rs 2,100, keeping a stop loss at Rs 1,600," Parekh said.
On UPL, Parekh said the stock has been consolidating for some time after correcting from the levels of Rs 860. It has now has given a positive candle pattern on the daily chart with good volume participation, she said adding that the stock may rise further strongly to the levels of Rs 700 and above. "The RSI indicator has given a decisive positive trend reversal to indicate strength and we recommend a buy in this stock for an upside target of 730 keeping a stop loss of Rs 540," she said.
In the case of Gujarat Alkali Chemicals, the stock had a very steep correction from the levels of Rs 1,050. It got bottomed out at the 550 level. It later witnessed a higher bottom formation and steady recovery with decent volume activity, Parekh said.
"The strength is still maintained, and there is potential for the stock to rise from these levels. With the RSI on the rise, we recommend a buy in this stock for an upside target of 850 while keeping a stop loss of Rs 620," she said.
Meanwhile, in the case of Navin Fluorine, the stock has made a higher bottom formation on the daily chart. The trend is positive with much potential on the upper side, Parekh said, as she anticipates the stock to give a breakthrough above the 4,900 level. Along with volumes and favourable factors, she recommended a 'Buy' on the stock for an upside target of Rs 5,500. He advised traders to keep a stop loss at Rs 4,300.
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