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Published on 23/11/2020 11:42:39 AM | Source: ICICI Direct

Stock Pick - Buy Chambal Fertilisers Ltd For Target Rs. 198 - ICICI Direct

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Technical Observations

* The stock is in strong up trend forming higher peak and higher trough in all time frame. During previous week it has generated a resolute breakout above the falling supply line joining highs since April 2018 and is seen sustaining above the same signalling strength and continuation of the up move

* The share price on last Friday’s session has rebounded taking support at the recent supply line breakout area as can be seen in the adjacent chart thus offers fresh entry opportunity

* In case of any breather we expect buying demand to emerge around | 170-168 levels as it is the confluence of the recent breakout area and 61.8% retracement of the recent up move (|156-189) .

* The aforementioned technical evidences makes us believe, the stock would resolve higher and head towards | 198 levels in the coming sessions as it is the 161.8% external retracement of the previous major decline | 173 to 133 placed around | 198 levels

 

Buy Chambal Fertilisers Ltd @ 178.00-183.00 TGT 198 SL 168

 

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