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Chambal Fertilisers stock price has broken out from symmetrical triangle pattern on the daily chart and the price breakout is accompanied with rising volumes, highlighted brokerage house HDFC Securities while sharing the stock as its top e-margin positional pick.
The domestic brokerage and research firm has a Buy rating on Chambal Ferilisers shares with a target prices of ₹463, 499 per share and stop loss of ₹384 with time horizon of up to 3 months.
“The stock has surpassed the previous swing high resistance of 424. Primary trend of the stock has been bullish with higher tops and higher bottoms. The counter is trading above all important moving averages and indicators and oscillators have turned bullish on the daily charts,” the HDFC Securities’ note stated.
Chambal Fertilisers and Chemicals Ltd is one of the largest private sector fertiliser producers in India. With an annual production of more than 3.4 million MT of urea, the agrochemical company accounts for nearly 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 Fertilisers shares have risen 46% in six months whereas the stock has surged nearly 76% in a year’s period, from ₹244 per share level to currently hovering around ₹430 apiece.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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