Shares of Specialty chemicals makers' have cracked up to 28 per cent from July-month highs amid concerns over earnings with demand impacted due to excessive rainfall and the US tariffs.
Clean Science and Technology is the top loser, down 28 per cent from its July high. The stock now trades at life-time lows, and has cracked 58 per cent from its all-time high of ₹2,539 hit in January 2022.
That apart, Rallis India, Bayer CropScience, PI Industries, Navin Fluorine International, Aether Industries, SRF, Deepak Nitrite and Tata Chemicals have declined in the range of 10 - 21 per cent from July highs.
Analysts at Kotak Securities believe that Specialty chemical companies may report tepid earnings for Q2FY26, and downgrade future expectations owing to a disappointing Kharif season and headwinds from the US tariffs.
"Specialty chemical companies will likely report mixed results amid headwinds from US tariffs interspersed with tailwinds from higher refrigerant prices and front-loading of orders. We see a risk of demand deceleration in 2HFY26 as customers destock. The earnings downgrade risk seems particularly high for Bayer CropScience, Clean Science, Deepak Nitrite and PI Industries.", said Kotak Securities in its Q2FY26 preview on specialty chemicals.
Given this background, here's a technical check on key Specialty chemicals shares.
Bayer CropScience
Current Price: ₹4,996
Likely Target: ₹4,250
Downside Risk: 15%
Support: ₹4,847
Resistance: ₹5,332; 5,435
Bayer CropScience stock is seen struggling around its 200-Day Moving Average (200-DMA), which stands at ₹5,065; below which support exists at ₹4,847. A weekly close below the latter can trigger a potential slide to ₹4,250 levels.
The near-term bias for Bayer CropScience is likely to remain tepid as long as the stock trades below ₹5,332, above which resistance is seen at ₹5,435.
Clean Science and Technology
Current Price: ₹1,072
Likely Target: ₹870
Downside Risk: 18.8%
Support: ₹1,015; ₹970
Resistance: ₹1,107; ₹1,130; ₹1,147
Clean Science shares hit a new life-time low at ₹1,055 on October 7. The short-term trend at the counter is likely to remain negative below ₹1,147, with interim resistance at ₹1,107 and ₹1,130 levels.
On the downside, the stock has near support at ₹1,015, shows the monthly chart. Sustained trade below the same can open the doors for a likely fall beyond its IPO price to ₹870, with interim support seen at ₹970. The company had issued shares at ₹900 in 2021.
Deepak Nitrite
Current Price: ₹1,800
Likely Target: ₹1,650
Downside Risk: 8.3%
Support: ₹1,739
Resistance: ₹1,891
Deepak Nitrite stock is seen struggling below the 100-DMA for the last 11 months. The stock seems on course to test its trend line support at ₹1,739; below which a dip towards ₹1,650 seems likely. The overall bias is likely to remain subdued as long as the stock trades below the 100-DMA (₹1,891).
Rallis India
Current Price: ₹303
Likely Target: ₹253
Downside Risk: 16.5%
Support: ₹288
Resistance: ₹315; ₹323; ₹330
Rallis India has made lower-highs and lower-lows on the daily chart in the last two months. The stock seems headed towards the 200-DMA, which coincides with 100-WMA around ₹288 levels. Break of the same can trigger an extended fall towards the 200-Week Moving Average (200-WMA) at ₹253.
The near-term trend is likely to remain negative as long as the stock trades below ₹330 levels, with interim resistance at ₹315 and ₹323 levels.
PI Industries
Current Price: ₹3,552
Likely Target: ₹3,867 / ₹3,358
Upside Potential: 8.9%
Downside Risk: 5.5%
Support: ₹3,485
Resistance: ₹3,636; ₹3,770
PI Industries is seen trading at a critical juncture. The stock has slipped below the 200-DMA, which stands at ₹3,636, and seen trading close to its weekly support at ₹3,485.
The medium-term chart suggests that a dip below the weekly support can drag the stock towards the 200-WMA at ₹3,358. On the other hand, a move above 200-DMA, can trigger a rally towards ₹3,867, with some resistance likely at ₹3,770.
 "Bayer, PI: Specialty chemicals stocks face 19% downside risk; here's why")
