16 Aug , 2021 By : Kanchan Joshi
Vijay Kedia portfolio is known for low-profile stocks that tends to beat the benchmark return in long-term. However, there is a surprise for retail investors who follow Vijay Kedia stocks because one of his stocks — Sudarshan Chemical Industries — has nosedived over 16 per cent in one month. However, stock market experts are of the opinion that stock has low liquidity and has been maintaining average delivery of 60 to 65 per cent on daily basis. They said that it’s profit-booking by the investors, which dragged down the share price because the chemical stock had shown sharp upside moves in the month of May, June and July this year. They went on to add that there can be some more profit-booking happening in the counter but this dip is an opportunity to buy instead of getting panic from this selling pressure.
Speaking on the fundamentals of this Vijay Kedia portfolio stock; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "This slide in Sudarshan Chemical Industries share price is mainly due to the profit-booking as the stock has been able to maintain the average delivery share to the level of around 60-65 per cent. In fact, its Q1 FY22 numbers are also in sync with the market expectations and the company has been able to keep its debt under control. So, from fundamental perspective, there is nothing wrong in the counter. This dip in the Vijay Kedia stock can be attributed to the profit-booking by some investors as the stock has given sharp upside move in May, June and July this year. So, those who earned from the stock in these three months are booking their profit these days." He said that the trend may continue for few more trade sessions but one should look at this dip as an opportunity to buy as the counter is available at heavily discounted price.
Asked about his suggestion to those who want to make fresh entry in this Vijay Kedia portfolio stock; Sumeet Bagadia, Executive Director at Choice Broking said, "The counter has strong support at Rs550. One should buy this Vijay Kedia stock at around Rs580 to Rs600 levels for the long-term target of Rs680 to Rs725. However, one must maintain stop loss at Rs550 while taking this position in the chemical counter."
Vijay Kedia share holding in Sudarshan Chemical Industries
As per the shareholding pattern of this Vijay Kedia portfolio stock, the Kolkata-born investor trader holds 10 lakh stocks of the company, which is to the tune of near 1.44 per cent of the net company shares.
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