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The short-term outlook is bullish for Rashtriya Chemicals & Fertilizers. The stock surged over 5 per cent on Wednesday breaking above the key resistance level of ₹113.50. The region between ₹114 and ₹113 will now act as a strong support. Moving average cross-over on the daily chart strengthens the bullish case. Intermediate dips can be limited to ₹113. Fresh buyers are likely to emerge around ₹114. Rashtriya Chemicals & Fertilizers’ share price can rise to ₹122 over the next one-two weeks.
Traders with high-risk appetite can go long at current levels. Accumulate on dips at ₹114.50. Keep the stop-loss at ₹112. Trail the stop-loss up to ₹117.50 when the price moves up to ₹119. Move the stop-loss further up to ₹119 when the price touches ₹120. Exit the long positions at ₹121.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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