Saurabh Mukherjea's chemical stock retraces from record high. Should buy now?
Premium- Saurabh Mukherjea's chemical stock is forming ‘Higher High Higher Low’ on chart that signals strong rebound from the lows
Saurabh Mukherjea portfolio: After climbing to record highs in three successive days in a row, GMM Pfaudler share price has retraced from its life-time high in early morning deals on Wednesday. One of the Saurabh Mukherjea's little champ stocks, GMM Pfaudler share price today opened downside and went on to hit intraday low of ₹1,990 on NSE, logging around 3.50 per cent in intraday trade session.
According to stock market experts, both fundamentals and technical of the company looks promising and one can buy the stock at current levels for short term target of ₹2,600 apiece levels. They said that the company has minor hurdle at ₹2,350 and once it breaks this hurdle, it may soon go up to ₹2,600 apiece levels in short term.
Speaking on this Saurabh Mukherjea's chemical stock, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The company is basically in pharma business and it has almost monopoly in this segment as it is tipped as an emerging global leader in its business. Hence, the dip should be taken as minor profit booking and the stock can be a good addition in one's stock portfolio if the investor has a time horizon of 2-3 years."
Advising positional investors to buy this chemical stock, Sumeet Bagadia, Executive Director at Choice Broking said, "The stock is still in uptrend on chart pattern and one can look at this dip as buying opportunity as the stock has strong support at ₹1,900 levels. One can buy the stock at current levels for immediate target of ₹2,250 to ₹2,300 apiece levels maintaining strict stop loss at ₹1,900 apiece levels." Sumeet Bagadia said that the stock is forming 'Higher High Higher Low' on chart pattern that indicates strong rebound from its lows.
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GMM Pfaudler shares are one of the three Saurabh Mukherjea's Little Champ stocks. Saurabh Mukherjea is Founder & Chief Investment Officer at Marcellus Investment Managers. He believes that the chemical stock can become a global leader in glass lined and ceramic reactors after acquisition of Pfaudler.
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