Momentum Pick: 28% potential upside over long term, but what is holding back this largecap?

Agrochemicals maker PI Industries could give returns of up to 28% if it can break from a strong resistance zone, according to investment advisory Sharekhan, which has a ‘buy’ stance on the stock with a target price of INR4,200 ($57). Last week, senior vice-president of technical and derivatives research at Axis Securities, Rajesh Palviya, predicted the stock price could rise as much as 17% to INR4,000 if it can move above resistance levels. However, PI Industries has underperformed the 50-stock index year-to-date, rising just 0.12%.

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