Tech Stars : Buy CFCL Ltd And Tech Mahindra Limited By Religare Broking
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Chambal Fertilisers and Chemicals Limited
TECHNICAL RATIONALE –
CHAMBALFERT surged vertically after witnessing a breakout corrective phase with noticeable rise in volumes. To digest gains, it has been trading with corrective bias for the last one and a half months and retraced towards the support zone of short term moving average i.e. 20 WEMA which also coincides with 38.2% retracement levels. We expect consolidation to end soon thus traders can accumulate in the mentioned range.
Buy CFCL Ltd CMP 355.50 Initiation Range 354-357 Stop Loss 338 Target 375
Tech Mahindra Limited
TECHNICAL RATIONALE –
We are seeing decent traction in the IT pack and TechM is also holding strong. It has retested the neckline area of the Cup and Handle price pattern and forming a fresh base. We believe price is set to inch higher and surpass its previous swing high soon. Traders can consider fresh longs in the mentioned range.
Buy Tech Mahindra Limited CMP 1315 Initiation Range 1313-1318 Stop Loss 1260 Target 1430
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