Privi Speciality Chemicals Hits Record Highs; SEBI RA Palak Jain Sees More Upside Ahead

The analyst recommends a ‘buy on dips’ strategy as price action remains supported by strong momentum.

Privi Speciality Chemicals hit an all-time high of ₹2,641.7 on Wednesday. The stock has seen a massive buying interest recently and is on track to gain for a sixth consecutive session. Privi shares have closed in the red in only one of the last 10 sessions.

In the technical charts, Privi Speciality Chemicals stock has shown promising signs of a bullish continuation, said SEBI-registered analyst Palak Jain.

The shares have broken above a key resistance level after undergoing a consolidation phase, as indicated by the formation of a symmetrical triangle pattern. The symmetrical triangle pattern is often considered a precursor to strong directional moves.

What further strengthens this setup is the surge in trading volumes, Jain added. This rise in volume validates the breakout and enhances the probability of sustained upward movement.

The stock remains firmly in a bullish trend, with price action supported by positive momentum indicators. It is comfortably trading above its 50-day exponential moving average (EMA), which often acts as a dynamic support level in trending stocks.

Backed by a strong chart structure and rising volumes, Privi Speciality Chemicals looks set for further upside, the analyst noted, suggesting a ‘buy on dips’ approach.

However, retail sentiment on Stocktwits remained ‘bearish’. It was ‘bullish’ a week ago.

The shares closed little changed at ₹2,561. Year-to-date, the stock has gained 45.6%.

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