Coromandel International’s stock faced considerable selling pressure in December and January. But since February, it has been charting a sideways trend between ₹1,035 and ₹1,120. Notably, the downtrend was arrested by the support at ₹1,035. This has been holding well since August last year. We expect the stock to gain traction on the back of this and establish a rally, at least in the short-term. Since the stock is now hovering near the ₹1,035 support and the daily RSI is showing positive indications, the probability of a rally is high. We anticipate Coromandel International to break out of ₹1,120 soon and touch ₹1,175. So, traders can buy now at ₹1,075 and accumulate at ₹1,050. Place stop-loss at ₹1,020. When the scrip rallies past ₹1,120, tighten the stop-loss to ₹1,080. Exit at ₹1,175.
Today’s Stock Recommendation: 1st April 2024
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)