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Technical Observations

* The share price of Chambal fertilizers has registered a resolute breakout above the last two months triangular consolidation signals resumption of up move and offers fresh entry opportunity

* The base of the recent consolidation is placed at the 50 days EMA (currently placed at |359) which has acted as strong support for the stock in the entire up move since May 2020 signaling strength and a positive price structure

* We expect the stock to maintain positive bias and head towards | 436 levels as it is the price parity of the previous up move | 315- 404 as projected from the recent trough of | 349 signals upside towards | 436 in the coming weeks

* The breakout above the two months triangular consolidation is supported by strong volume of almost three times the 50 days average volume of 23 lakhs share per day highlighting larger participation in the direction of trend.

Buy Chambal Fertilisers and Chemicals Ltd @ 395.00-403.00 TGT 436 SL 379

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