Chambal Fertilizers share price has broken out of a symmetrical triangle pattern on the daily chart and price breakout is accompanied by rising volumes, shares brokerage house HDFC Securities. store as its top E-Margin positional pick.
Domestic brokerage and research firm has given buy rating on the shares of Chambal Fertilizers with target price of Rs. 463, 499 per share and stop loss 384 with a time horizon of up to 3 months.
“The stock has crossed the previous swing high resistance of 424. The primary trend of the stock has been bullish with higher tops and higher bottoms. The counter is trading above the all-important moving averages and indicators and oscillators have turned bullish on the daily chart, said HDFC Securities’ note.
Chambal Fertilizers and Chemicals Limited is one of the largest private sector fertilizer producers in India. With an annual production of over 3.4 million metric tonnes of urea, the agrochemical company accounts for about 15% of the total urea produced in the country. The company manufactures high-grade fertilizers at three plants located at Gadepan in Kota district of Rajasthan.
Chambal Fertilizers shares have gained 46 per cent in six months, while the stock has gained nearly 76 per cent in a one-year period. 244 per share level is currently hovering 430 per.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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