The late rally in banking & financials helped the the 50-share NSE Nifty recoup all its losses seen in the previous session and closed strongly above 10,800 levels on Friday, forming a 'Bullish Engulfing' pattern on the daily chart and a Doji type of candle on the weekly scale.
The index also rebounded sharply from close to its support levels of 10,700 levels.A bullish engulfing pattern is made up of two candles and is formed when a small black candle is followed by a large bullish candle that completely engulfs the previous day’s candle.
The Nifty50, after opening at 10,742.70, traded lower in the morning to hit day's low of 10,710.45, but recouped all those losses in afternoon and then turned strong in the last hour of trade to hit an intraday high of 10,837. It ended at 10,821.90, higher by 80.80 points from the last close.
Growth in the Chemicals and Polymers business (CPB) segment was on the back of healthy pricing and volume growth in the refrigerants business. The company also filed a patent for a drop in substitute for R-22 along with the DMF for Dymel’s HFC 134A pharma. Specialty chemical business remained subdued due to lower demand from the agrochemical segment with the overall outlook likely to improve only by the end of the calendar year,” analyst at Edelweiss Broking said in result update.
The brokerage firm believes the growth from dedicated plants and deferred orders in specialty chemicals business would drive growth in FY19 in wake of a delayed AgChem cycle recovery with capacity expansion in refrigerants to bolster growth in FY20.
No comments:
Post a Comment