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MTF Stock Pick  Buy Rashtriya Chemicals & Fertilizers Ltd For Target Rs. 92 - HDFC Securities 

TECHNICAL OBSERVATIONS

The Fertilizer stock (RCF) has been in a range bound action since past 6 weeks, before showing upside bounce in this week.

The stock price is currently moving up and is expected to stage upside breakout of the down sloping trend line, which is at Rs 85-86 levelsin the short term. Hence a sustainable upmove above this area could open a sharp uptrend in the near term.

On the weekly chart, the stock price is sustaining above the immediate support of weekly 10 period EMA at Rs 81 levels.

Weekly 14 period RSI shows positive indication.

The overall chart pattern of RCF indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.

Buy Rashtriya Chemicals & Fertilizers Ltd Up to 3 Months @ Add on dips 77.50 CMP 82.25 TGT 92 SL 75

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