Published on 11/10/2021 12:50:20 PM | Source: Monarch Networth Capital Ltd

Buy Sumitomo Chemical India Ltd For Target Rs.570 - Monarch Networth Capital

Posted in Broking Firm Views - Short Term Report| #Chemicals Sector #Trading Report #Monarch Networth Capital Ltd #Sumitomo Chemical

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Sumitomo Chemical India Ltd

Stock had a sharp run up from 295 to 458 gaining more than 50% in just 3 months’ time (May to July). Post this sharp run up, stock has gone into consolidation mode and it has made pole & flag technical pattern formation. It is also in a strong upside momentum in Weekly as well as Monthly chart. It is facing supply pressure in 425-435 zone and once it takes out this level, it will head towards 500-570 levels very quickly

Recommendation is to Buy above 435 keeping Stop loss at 355 level and Target at 500-570 levels.



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