Trend Support - Key Level
Sumitomo chemicals is an leading company in Indian Chemicals sector.
The quarterly earnings of the company were strong, but due to short term regulatory changes, the share saw a downfall.
One of its chemicals ~ 15% revenue had its usage restricted, but the management expects these headwinds to ease in the mid to long run.
Overall valuations seem attractive, sound fundamentals and with the growth in the entire chemicals space, the company is bound to benefit.
I will be interesting to see how longer can the market keep up its bearish pressure despite good quarterly numbers.
I am expecting a maximum drawdown to 450, and good bounce after that.
Not an Investment Advice, only for educational purpose.
The quarterly earnings of the company were strong, but due to short term regulatory changes, the share saw a downfall.
One of its chemicals ~ 15% revenue had its usage restricted, but the management expects these headwinds to ease in the mid to long run.
Overall valuations seem attractive, sound fundamentals and with the growth in the entire chemicals space, the company is bound to benefit.
I will be interesting to see how longer can the market keep up its bearish pressure despite good quarterly numbers.
I am expecting a maximum drawdown to 450, and good bounce after that.
Not an Investment Advice, only for educational purpose.
Feragatname
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