SH Kelkar: SEBI RA Ashok Kumar Aggarwal Sees Upto 30% Upside Potential

SH Kelkar & Company, a small-cap specialty chemicals firm, is on the analyst’s radar because of its technical patterns. The stock has risen 5% in the last month. 

According to SEBI-registered analyst Ashok Kumar Aggarwal, the stock price indicates a strong underlying uptrend by trading above its key moving averages.

SH Kelkar shares traded above key levels across all major time frames, including hourly, daily, weekly, and monthly. This alignment across multiple charts suggests sustained bullish momentum, he noted.

The Relative Strength Index (RSI) is above 60, indicating room for further buying. The Chande Momentum Oscillator (CMO), a technical momentum indicator, is currently above 25 on hourly, daily, and weekly charts. These readings highlight sustained upward momentum in the stock, the analyst said.

From a short- to mid-term perspective, the stock appears to accumulate in the ₹248–₹250 price range, Aggarwal said, recommending a stoploss at ₹228.

On the upside, SH Kelkar stock could potentially encounter resistance at ₹280, and if breached, it could climb further to ₹300 and eventually to ₹320, representing a 30% premium to the current trading price of ₹246.9.

S H Kelkar & Company, which manufactures fragrances and aroma ingredients, reported strong March-quarter results with net profit more than tripling to ₹102.5 crore. Sales grew more than 10% during the same period.

The stock has declined 0.4% year-to-date (YTD) but has gained around 21% since posting its quarterly results in May.

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