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Coromandel International’s stock has been in an uptrend since April this year. It bounced off the support at ₹850 and has been appreciating since then. While there was a minor correction in the second half of last month, the downswing was only short-lived. Last week, the stock rallied and closed above a hurdle at ₹1,145. Although the stock depreciated a little on Monday, it is likely to be only a corrective decline. We expect the stock to resume the uptrend, and it is particularly likely to go up on Tuesday. But the price could dip to ₹1,145 before rallying. Hence, we suggest initiating an intraday buy if the price dips to ₹1,145. Place the stop-loss at ₹1,130. Book profits at ₹1,185.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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