MTF Stock Pick Buy Coromandel International Ltd For Target Rs. 860 - HDFC Securities
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MTF Stock Pick Buy Coromandel International Ltd For Target Rs. 860 - HDFC Securities
Coromandel International has been consistently falling in the last few weeks after testing a high of 852 in February 2021.
The stock has found support around the 711 levels which also roughly coincides with a previous intermediate low tested in October 2020. This implies a double bottom formation on the weekly charts.
Technical indicators are giving positive signals as the 200 day EMA is providing support to the stock. Intermediate momentum indicators like the 14-week RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.
With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy Coromandel International Ltd Up to 3 Months @ 745-760 CMP 751.5 TGT 860 SL 720
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