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Feb 04, 2011, 11.29 AM IST | Source: Moneycontrol.com

Buy Chambal Fertilizers; target of Rs 78: IIFL

IIFL is bullish on Chambal Fertilizers and has recommended buy rating on the stock with a target of Rs 78 in its February 4, 2011 research report.

IIFL is bullish on Chambal Fertilizers and has recommended buy rating on the stock with a target of Rs 78 in its February 4, 2011 research report.

“In yesterday’s session, Chambal Fertilizers recovered some of its lost ground following recent decline and closed above its 100-DMA. It now faces a resistance at Rs78-79 levels and should have a minimum upside till that level. Our argument is further validated after the stock gave an upside breakout on Thursday’s session as the price broke through the top of a trading range. Moreover, on the weekly chart, the stock has taken strong support at Rs 72, which acted as a breakout point in September 2010. Based on above mentioned technical evidences, we recommend traders with high risk appetite to buy the stock above Rs 72 with SL of Rs 72 for target of Rs 78.,” says IIFL research report.

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