Chambal Fertilisers has support at Rs 48-49: Mathew

Technical Analyst, E Mathew is of the view that Chambal Fertilisers has support at Rs 48-49.

Mathew told CNBC-TV18, "The uptrend in Chambal Fertilisers is certainly broken. This stock had performed so well just a couple of weeks back but the total breakdown, especially the breakdown below Rs 73 that has broken the back of lot of bulls and now the next support zone unfortunately is around about Rs 48 to Rs 49 zone. So I guess if this mood of capitulation continues and the panic gets exhilarated we could see the stock even go down to as low as Rs 48-49."

Disclosure: Analyst/ his associate company/his clients may have trading positions in the above stock.