Business Daily from THE HINDU group of publications
Wednesday, Jun 25, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Jun 25, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a sell in Chambal Fertilisers & Chemicals from a short-term perspective. From the charts to the stock we note that it had been on a medium-term uptrend from its March 2008 low of Rs 41, till it encountered resistance at Rs 94 in mid June. The reversal from Rs 94 level has been supported by negative divergence in the daily moving-average convergence and divergence (MACD). Recently, the stock penetrated the 21-day moving average and the medium-term up trendline, signalling bearishness. The daily MACD has displayed negative divergence and is indicating a sell. The other daily momentum indicators are declining in the neutral region towards the bearish zone. Our short-term forecast for the stock is negative. We anticipate the stock’s down move to continue until it hits our price target of Rs 66 in the upcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining stop-loss at Rs 79. Yoganand D.BL Research Bureau More Stories on : Stocks | Recommendation | Fertilisers
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