Chemical stock listed recently climbs to record high on second straight session

Market


Aether Industries shares have been in uptrend after listing on BSE and NSE in June 2022. The chemical stock has climbed to life-time high on second straight session in early morning session on Friday deals. Aether Industries share price today opened with an upside gap and went on to climb to four digit figure and hit new high mentioned above.

According to stock market experts, the chemical stock is in continuous uptrend and it may go up to 1244 apiece levels in next 3 months as there is turn around in the chemical space on Dalal Street. They said that the chemical stock has formed ‘Higher High Lower Low’ on chart that signals further rally in Aether Industries shares. They advised ‘buy on dips’ strategy as there can be some profit-booking taking place in the stock in near term.

Speaking on the reason for rally in Aether Industries shares, Ravi Singhal, CEO at GCL Securities said, “There is rally in chemical space as the sector is witnessing turn around. As the market is facing sell-off amid speculations about a 100 bps interest rate hike in upcoming US Fed next week, global equity markets are under pressure. So, investors are looking at chemical segment as a sage bet. The stock has formed higher high lower low on chart pattern that signals sharp upside move in the stock.”

Advising Aether Industries shareholders to hold the stock further, Sumeet Bagadia, Executive Director at Choice Broking said, “One should hold the stock for around 1150 to 1200 target and maintain buy on dips till the stock is above 950 apiece levels. My suggestion to shareholders of the chemical stock is to upgrade trailing stop loss at 950 and keep on accumulating more around 975 apiece levels.”

Advising positional investors to maintain ‘buy on dips’ strategy, Ravi Singhal of GCL Securities said, “One should buy and hold the stock for three months target of 1244 levels and keep on accumulating on every 4-5 per cent dip from current levels.”

Aether Industries IPO was launched in May 2022 at an issue price of 610 to 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 been continuously rising after listing and has surged to 1048.90 apiece levels, delivering more than 60 per cent return to the allottees in last four months.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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