Todays Pick

Rashtriya Chemicals & Fertilizers (₹82.7)

Yoganand D | Updated on March 12, 2018 Published on July 24, 2017

The stock of Rashtriya Chemicals & Fertilizers has gained 4.8 per cent with extraordinary volume on Monday, breaching a key resistance at ₹80. This rally gives investors with a short-term perspective an opportunity to buy the stock at current levels. The stock has been on an intermediate-term uptrend since taking support at ₹40.5 in November 2016. However, after recording a multi-year high of ₹99.7 in this May, the stock started to decline and had been on a medium-term downtrend until it found support at ₹75 in July.

The significant support at ₹75 has been providing base for the stock from late May. Last week, the stock tested this support and gained 4.6 per cent. Reinforcing this bullish momentum, the stock advanced on Monday as well. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone.

The daily price rate of change indicator is featuring in the positive territory implying buying interest. The intermediate-term uptrend is intact for the stock. The near-term outlook is bullish. The stock can continue its current bullish momentum and reach the price targets of ₹86 and ₹88 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹80.7.

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

Published on July 24, 2017

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
null
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.