Monday, June 6, 2016

Potential to move 46% from current level- Kiri Industries

Speciality Chemicals as a sector is currently doing well. Many speciality chemical stocks recently rallied to register good recent in the past one month.

I hope you would have read my article on Pidilite Industries written on 3 March. In than article I had mentioned about an anticipated breakout in Pidilite. That expected breakout has come on 20 June. Since then the stock has seen a nice run up. The gains since the article date till now are 16.5%.
The stock still has a potential to move further. All my paid subscribers are advised to book partial profit in Pidilite.

Many other stock like Megmani Organics, Sudarshan Chemicals are on similar run up.

Kiri Industries is another stock from the similar fraternity which is expected to give some quick gains.

Here is Technical Set Up of Kiri Industries. This stock had broken out of consolidation on 3 March 16 to give a huge run up from 102 on 3 March 2016 to 215 on 12 Apr 2016. It means stock had more than doubled in just over a month. After that stock went into consolidation. The phase of consolidation lasted for about little lesser than 2 months from 12 Apr to 2 June.

On 3 June stock has again started rallying with a nice volumes. A bullish candle on 3 June helped stock break from long consolidation. This overall set up confirms the Flag Pattern formation in Kiri Industries chart.

This Flag Pattern confirmation gives a target of 328. That is an anticipated move of 105 points and gains of 46% from current levels.

Check the chart below:

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