Stock Picks - Buy Chambal Fertilizers Ltd For Target Of Rs. 262 - ICICI Direct
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Technical Observations
* The stock is in steady uptrend forming higher peak and higher trough in all time frame.
* The share price is currently at the cusp of breakout above the last six weeks range (| 242-220) as can be seen in the adjacent chart thus provides fresh entry opportunity to ride the next up move
* The price rise on Thursday's session is supported by strong volume of almost double of the 200 days average volume of 11 lakhs shares per day highlighting larger participation in the direction of trend
* The stock has immediate support at | 225 levels as it is the confluence of the rising 20 days EMA (currently at | 228) and 61.8% retracement of the previous up move | 212 to 248)
* The daily 14 periods RSI has generated a buy signals moving above its nine periods average thus validates positive bias
* We expect stock to continue with its current momentum and head towards | 264 levels as it the 161.8% external retracement of the recent breather (| 248 to 220)
Buy Chambal Fertilizers Ltd @ 235.00-240.00 TGT 262 SL 225
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