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We are introducing a new series of momentum stocks which will be having the potential to generate significant returns in the medium term. Our Second pick is Laxmi Organic and Industries Ltd.: Laxmi Organic Industries Limited is in the business of specialty chemicals. With the supply squeeze from China prices of many chemicals have already shot up by 25% in the last 1 month and we are further expecting the chemical cycle to turn around. Many Indian chemical companies are expecting demand will be maintained and now prices will favour them which will improve their topline also.
On the Weekly chart, Strong volume activity is visible. We have seen multiple trendline support and CMP is more than 50% down from their highs. We believe a breakout above 300 will fire up the stock prices to 425 and 575.
On the monthly chart Inside candle was formed and a breakout above 301 confirmed the pattern. We are expecting entry above 302 with Sl of 280 and targets of 575 in the medium term.