Stock Picks - Buy Rashtriya Chemicals and Fertilizers Ltd For Target Rs.85 - ICICI Direct
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Technical Observations
* The stock has generated a breakout above a falling supply line joining highs since September 2021 (| 89) signaling resumption of up move and offers fresh entry opportunity
* It is seen sustaining and forming a base above the 50 days EMA (currently placed at | 76) signaling strength and a positive price structure
* We expect the stock to continue with its positive momentum and head towards | 85 levels in the coming sessions as it is the 80% retracement of the recent breather (|89-66)
* Among the oscillators the daily 14 periods RSI is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias.
Buy Rashtriya Chemicals and Fertilizers Ltd @ 79.00-81.00 TGT 85 SL 76.70
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