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Technical Observations

* The fertilizer stocks are witnessing fresh buying demand. Our preferred pick within the fertilizer space is Chambal fertilizers which we expect to outperform

* The stock has recently witnessed a fresh buying demand from the rising demand line joining lows of the last three months and the 50 days EMA (currently at | 378) signals positive bias and offers fresh entry opportunity

* We expect the stock to continue with its positive momentum and head towards | 433 levels in the coming sessions as it is the 123.6% external retracement of the recent breather (| 424-354)

* Among the oscillators the daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias in the stock

Buy Chambal Fertilisers and Chemicals Ltd @ 401.00-409.00 TGT 433 SL 390

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