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Small & Midcap Mantra: Dishman Carbogen is trading near crucial support, experts see up to 30% upside in short term

Experts suggest buying the stock or adding to existing positions at current levels or on dips. They see the stock surging to Rs 250-265, which translates into an upside of 22-30% from 28 July closing prices of Rs 204.9 on the NSE.

July 29, 2021 / 10:55 AM IST
Image: Pixabay

Image: Pixabay

 
 
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Dishman Carbogen Amcis Ltd has been on a stellar run in 2021. The stock has rallied 48 percent, outperforming Nifty which gained 12 percent and S&P BSE 500 index that added 18 percent in the same period.

The stock saw some consolidation since hitting a 52-week high of Rs 235 on July 20, 2021, but a smart bounce back from crucial support, placed around Rs 200 level time and again, suggest that the uptrend remains intact.

Moreover, it is currently trading above its 50, 100 and 200-day moving average, which further makes the case for more upside.

Experts suggest buying the stock or adding to existing positions at current levels or on dips. They see the stock surging to Rs 250-265, which translates into an upside of 22-30% from 28 July closing prices of Rs 204.9 on the NSE.

Dishman Carbogen has been supporting the pharmaceutical and biopharmaceutical industries with drug development for over 30 years. The company assists clients in developing and bringing new drugs to market while improving the lives of their patients across the world.

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The company's focus is on research and development of in-house technologies to manufacture quaternary ammonium compounds (quats) and active pharmaceutical ingredients.

Dishman Carbogen

The stock was in a downtrend for almost two quarters from August 2020 to March 2021 and thereafter witnessed a breakout above Rs 140 level.

It moved past the 200-DMA level decisively to touch the peak level of Rs 230 in July 2021 gaining almost 117% from the low made near Rs 106 level back in March 2021.

“Currently, the stock is in a consolidation phase and is in a gradual rising trend maintaining above the significant 50-Days EMA which is currently at Rs 200 level,” Vaishali Parekh, Assistant Vice President - Technical Research at Prabhudas Lilladher Pvt. Ltd, said

“Overall, the bias has turned positive making the chart look attractive and with the RSI indicator also well placed has indicated strength and has potential to rise further in the coming days and thus justifies our view for a buy recommendation,” says Parekh.

According to Parekh, the next target for the stock is placed around Rs 250, and thereafter Rs 265. She expects the rally to play out within the next 2 months. However, one must strictly follow the stop loss placed around its crucial support of Rs 200 level.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Kshitij Anand is the Editor Markets at Moneycontrol.

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