Rain Industries shares, Why this chemical stock is falling - explained

Rain Industries shares on Friday witnessed heavy sell off losing over 7.80 per cent on NSE in single session, worst intraday loss since 20th June 2022. Rain Industries share price had a gap down opening on Friday and the chemical stock went on to hit its intraday low of Rs,184.15 apiece, losing over 8 per cent in single session. The chemical stock failed to recover from its intraday loss as it settled close to its intraday low and finished at Rs,185.45 apiece levels.

According to stock market experts, Rain Industries shares have fallen because of the temporary closure of an operating unit in Europe. They said that the stock has given Flag Pattern Breakdown yesterday and it may go up to Rs140 apiece levels in near term. They advised shareholders of the stock to exit on any bounce back and re-enter at around Rs.140 apiece levels.