Multibagger stock: Aarti Industries share hits 52-week low. Right time to buy?
Multibagger stock: After giving strong rebound in post-Covid rally, Aarti Industries share price has been under consolidation after scaling to its life-time high in October 2021. On Monday, this multibagger stock hit its 52-week low of ₹708.40 on NSE. According to stock market experts, sell-off in Aarti Industries shares is due to the weak global sentiments as the chemical company has reported 45 per cent year-on-year (YoY) rise in revenue and 42 per cent YoY rise in PAT (Profit After Tax).
Speaking on Aarti Industries share price, Manoj Dalmia, Founder & Director at Proficient Equities said, “Aarti Industries shares have been suffering a sell-off due to global market sentiments, hiking interest rates and supply-side issues. The company has to suffer a setback in API in business volume due to rise in Benzene prices on soaring crude oil prices. However, the chemical company has reported 45 per cent YoY rise in revenue growth whereas its PAT has jumped 42 per cent in that period.” He said that the stock is currently trading below 200 DEMA and a turnaround is expected when a base formation takes place formation.
Echoing with Manoj Dalmia’s views, Ravi Singh, Vice President & Head of Research at Share India Securities said, “On technical setup, Aarti Industries share price is in a downtrend for short term and is trading near its support of 700 levels, its 200 DEMA.”
“On technical setup, Aarti Industries is in a downtrend for short term and is trading near its support of 700 levels,” said Manoj Dalmia of Proficient Equities.
Advising investors to avoid any kind of hurry in taking position in this multibagger stock, Ravi Singh of Share India Securities said, “The stock is in bearish trend and a breakdown below the support of ₹700 apiece levels may push the stock to ₹670 levels in near term.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.