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Buy Rashtriya Chemicals; target of Rs 97: GEPL Capital
GEPL Capital is bullish on Rashtriya Chemicals and Fertilisers and has recommended buy rating on the stock with a target of Rs 97 in its April 15, 2011 research report.
GEPL Capital is bullish on Rashtriya Chemicals and Fertilisers and has recommended buy rating on the stock with a target of Rs 97 in its April 15, 2011 research report.
Nifty almost tested 5950 levels and now consolidating in 200 points between 5950-5750 levels. In this consolidation phase the sector looking poised for upwards breakout is fertilizers. On the weekly chart of the fertilizers stocks a strong momentum is seen and expected to continue for higher levels.
From the fertilizers sector the stock selected for short term investment is RCF.
This stock after forming high of 132, was in downtrend and now showing a indication of bottoming out structure.
A double bottom formation near the level of 76 is seen on the chart, showing strong support near this level.
The current 200 DMA is placed at 87 and current high is at 90. ?Once the level of 90 is breached upwards, the strong momentum is likely to generate a fresh uptrend in the stock.
On the weekly charts the RSI indicator has cut the trigger line and suggesting an uptrend in the offing.
The buying is recommended in this stock between Rs 87-85 with a stop loss of Rs 75 with the targets of Rs 97 and Rs 104.
The time frame for this positional buying call is expected around 60 days.
When the first target is achieved at Rs 97 the partial profit can be booked and the stop loss can be revised to Rs 86 levels for remaining buying positions.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management.Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
