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The short-term outlook is bullish for Chemplast Sanmar. The stock surged 4.6 per cent on Thursday and has closed on a strong note. Prior to this rise, it had formed a strong base around ₹440. Immediate support is in the ₹460-455 region. Below that ₹445-440 is the next important support zone.
We can expect fresh buyers to come into the market if the stock dips towards the ₹460-455 support zone and limit the downside. Chemplast Sanmar stock price can rise to ₹515-520 over the next three-four weeks. Shor-term traders can go long now. Accumulate on dips at ₹464. Keep the stop-loss at ₹443. Trail the stop-loss up to ₹477 as soon as the stock moves up to ₹488. Move the stop-loss further up to ₹490 when the price touches ₹505. Exit the long positions at ₹515.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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