Orchid Chemicals has strong support around Rs 100: Tulsian

Orchid Chemicals has strong support around Rs 100 and it can move to Rs 110- 115 in near term, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “Orchid Chemicals, one can see the price falling to about Rs 100 but beyond a point this is again a 7th and 8th largest pharma company. I don’t think that beyond Rs 100 the things are though you are right that the results have really disappointing or they have lowered the estimates also but maybe the Rs 100 looks to be the strong support on a fundamental basis where the renewed buying again may start coming in in a big way and the stock can move back to Rs 110-115.”
He further added, “I am unable to understand for the upsurge or the sudden kind of volatility which we have seen in case of Reliance Mediaworks. In fact that has been happening if you see for the last one month. Firstly, we have seen that PE investor is coming in with acquiring the majority stake in some of their standalone business but considering the results having posted by the company even in their core operations of the film processing, forget the film exhibition where they have been showing huge losses I am unable to understand this kind of volatility so definitely will remain away.”
“Looking into the results of Reliance Power, Reliance Capital and Reliance Infra maybe the Reliance Infra looks to me better because Reliance Capital though the results are looking optically, mildly positive or maybe flat but I am not convinced with their finance and investment EBIT having posted by the company. So, taking all this into account I will really not go with smaller ones like Reliance Mediaworks or Reliance Broadcast but yes, Reliance Infra and somebody can take a call on Reliance Communication also. Reliance Communication from hereon looks having very limited downside but can give an upside of about maybe 6 to 8% in next one month or so.”