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Investors with a short-term perspective can buy the stock of Chambal Fertilisers & Chemicals at current levels.
On Thursday, the stock gained 3.5 per cent accompanied by good volume, decisively breaking above a key resistance at ₹158 and the 200-day moving average.
Since taking support at ₹128 in early October 2018, the stock has been on a medium-term uptrend. Key support at ₹140 cushioned the stock well in December. Subsequently, the stock continued to trend upwards conclusively breaking above its 21- and 50-day moving averages. The stock trades well above these moving averages.
Short-term trend is also up for the stock. The daily relative strength index features in the bullish zone and the weekly RSI is on the brink of entering this bullish zone from the neutral region.
Outlook is bullish for the stock. Short-term targets are ₹170 and ₹173.5. Traders with a short-term perspective can buy the stock with a stop-loss at ₹160.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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