Technical Analysis

Cholamandalam Investment and Finance Company (₹169.9): Buy

Yoganand D | Updated on April 09, 2020

BL Research Bureau

After a sharp fall in the month of March, the stock of Cholamandalam Investment and Finance Company recorded a 52-week low at ₹117 on Wednesday and found support. The stock subsequently changed direction triggered by positive divergence in the daily relative strength index and price rate of change indicator. It has gained 12.8 per cent with above average volume in today's session and has surpassed a key resistance at ₹150. The stock can extend its corrective rally and reach the price targets of ₹176 and ₹182 in the coming trading sessions. Traders with a near-term view can buy the stock with a stop-loss at ₹164 levels.

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

Published on April 09, 2020

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