Tech Stars : Buy Chambal Fertilisers and Chemicals Limited And United Breweries Limited By Religare Broking
Chambal Fertilisers and Chemicals Limited
TECHNICAL RATIONALE –
CHAMBALFERT surged vertically after witnessing a breakout from corrective phase with a noticeable rise in volumes. To digest the gains, it witnessed a price and time-wise correction that continued for over one and a half months. The price rallied sharply higher, finding support around its short-term moving average, i.e., 20 WEMA, which also coincides with 38.2% retracement levels. We expect the price to resume its prior uptrend and surpass its previous swing high soon.
BUY Chambal Fertilisers and Chemicals Limited CMP 368.30 Initiation Range 367-369 Stop Loss 357 Target 398
United Breweries Limited
TECHNICAL RATIONALE –
UBL printed record high levels after registering a breakout from the bullish Cup and Handle pattern. However, the upmove was short-lived, and the price retraced back to the neckline area of the Cup and Handle pattern and is forming a fresh base. Around a similar juncture, it has support from its short-term moving average (50 WEMA), which has acted as a strong support in the past. We expect consolidation to end soon, so traders can accumulate in the mentioned range.
BUY United Breweries Limited CMP 1715.00 Initiation Range 1710-1720 Stop Loss 1645 Target 1835
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