Chambal Fert could retest Rs 72-73: Thacker

Chambal Fertilisers chart looks slightly weak. If the price closes where it is today, we will get a closing below short-term moving averages which will be negative, the indicators will start rising in sell mode. So a retest of Rs 72-73 could happen very shortly, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "Chambal Fertilisers chart looks slightly weak and it is clearly newsdriven in the short-term. If the price closes where it is today, we will get a closing below short-term moving averages which will be negative, the indicators will start rising in sell mode. So a retest of Rs 72-73 could happen very shortly which was the lowest which we saw couple of days back." Chambal Fertilizers touched an intraday high of Rs 86.75 and an intraday low of Rs 79.70. At 14:20 hrs the share was quoting at Rs 80.35, down Rs 6.40, or 7.38%. It was trading with volumes of 2,824,518 shares. Yesterday the share closed down 3.72% or Rs 3.35 at Rs 86.75.