Technical Analysis

Camlin Fine Sciences (₹162.55): BUY

Gurumurthy K | | Updated on: Jan 11, 2022
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The short-term outlook for the stock of Camlin Fine Sciences is bullish.. The strong surge of 6.9 per cent on Tuesday has strengthened the upmove that had begun from the December low of ₹116. It has also increased the chances of seeing a further rise from here. Immediate support is in the ₹149-₹147 region and a slightly lower one is at ₹140. The chances are high for the stock to sustain above the ₹149-₹147 support zone itself.

A rise to ₹190 looks possible in the coming days. Traders with a short-term perspective can go long at current levels and accumulate on dips at ₹152. Keep the stop-loss at ₹144. Trail the stop-loss up to ₹165 as soon as the stock moves up to ₹172. Move the stop-loss further up to ₹176 as soon as the stock rises to ₹182. Exit the longs at ₹186. Note that the overall trend in the stock has been down since july last year. The current rise is just a corrective rally within the broader downtrend. So long positions have to be unwound completely as a fresh fall is more likely to be seen from around ₹190.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on January 11, 2022

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