Buy Sumitomo Chemical India Ltd For Target Rs.570 - Monarch Networth Capital
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.
RECOMMENDATION: BUY CMP:417 SL: 355 TARGET: -570 TIMEFRAME: 3-4 MONTHS
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