Shasun Chemicals
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I had bought Shasun Chemicals at Rs 140. Kindly advise whether to hold it or book losses. K M Kathiresan
Shasun Chemicals (Rs 50.8): This stock struggled with the resistance at Rs 100 in the three years between 2004 and 2007.
Though it broke above this ceiling in the second half of 2007 to record a peak at Rs 157, this proved to be a false break-out and the stock subsequently commenced a long-term correction.
This decline has dragged the stock well below its key long-term support at Rs 60.
The recovery from the March trough has already reversed and the stock is likely to move lower towards its long-term trend line positioned at Rs 30 over the next year. We recommend a switch from this stock at current levels.
The medium-term outlook will turn positive only on a close beyond Rs 90.
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