According to Aditya Birla Money, traders can sell Chambal Fertilisers and Chemicals Future below Rs 100.25 with a stop of Rs 103 for target of Rs 94, in its August 23, 2011 research report.
According to Aditya Birla Money, traders can sell Chambal Fertilisers and Chemicals Future below Rs 100.25 with a stop of Rs 103 for target of Rs 94, in its August 23, 2011 research report.
"Chambal Fertilisers and Chemicals has been trading on a mixed note and consolidating below its all time high of 106 over the last one week. From an Elliot wave perspective price action within the same seems to be forming a-b-c flat corrective pattern where the middle leg is under the verge of completion and the last leg in the form of weakness towards 96 and then 94 levels is likely to resume soon. Break below the intra-day swing low of 100.25 will be required to confirm the same and turn the sentiments weak. Until then prices could remain mixed to positive and find stiff resistance near 103/104 zone on any further gains. The 14-day RSI and Stochastic (14/3/3) are moving flat after easing out overbought territory indicating the possibility of sideways to weak price action in short-run. Sell Chambal Futures below 100.25 with a closing stop of 103 for possible target of 94," says Aditya Birla Money research report.
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