Comments
Investors with a short-term perspective can buy the stock of Chambal Fertilisers & Chemicals at current levels. Since the August 2013 low at ₹30, the stock has been on an intermediate-term uptrend. Within this uptrend, the stock is in a medium-term term sideways consolidation phase with an upward bias. This sideways movement is positive for the stock. Recently, it managed to find support around ₹64 and the 50-day moving average also cushioned the stock around this level.
On Tuesday, the stock surged 4.8 per cent, decisively rallying above its 21- and 50-day moving averages. The indicators on the daily as well as weekly chart feature in the positive territory implying upward momentum. The short-term outlook is bullish for the stock. It can continue its up move and reach the price target level of ₹70.5 and ₹72 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹66.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.