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While the near term pain for chemical stocks is expected to continue due to a demand slowdown and pricing pressure in the sector, the long-term outlook looks bright amid expectations of a strong recovery and capex plans.
If IT stocks deliver, the Nifty can easily make new highs. On the down side, the major support for Nifty is around 21,800, says analysts
Shares of HDFC Bank closed at day's high, forming a Bullish Engulfing pattern. Axis Bank ,Aarti Industries, and Pidilite industries are the other stocks that saw bullish engulfing pattern formation.
“The macro setups where we feel that there is a lot of headroom left are the ones to be reinitiated at these levels or added on to this correction. So, all is well, we need not worry. It is eventually a bit of a pullback, which was much needed. Even if it extends another 200-300 points from here, that would be a welcome dip.”
The arrangement spans 15 years from the initial delivery of propylene and hydrogen.