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The short-term outlook is bullish for Rashtriya Chemicals & Fertilizers (RCF). The stock has begun the week on a strong note by surging 5 per cent. Strong support is now in the ₹129-127. Intermediate dips towards ₹130 are likely to get fresh buyers in the market. Resistance is around ₹138. But the chances are high for the stock to break this resistance.
Such a break can take Rashtriya Chemicals & Fertilizers’ share price up to ₹145 over the next two to three weeks or even earlier than that. Traders can go long now. Accumulate on dips at ₹130. Keep the stop-loss at ₹125. Trail the stop-loss up to ₹135 as soon as the stock moves up to ₹139. Move the stop-loss further up to ₹140 when the price touches ₹142. Exit the long positions at ₹144.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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