Coromandel Internationalâs stock faced considerable selling pressure in December and January. But since February, it has been charting a sideways trend between â¹1,035 and â¹1,120. Notably, the downtrend was arrested by the support at â¹1,035. This has been holding well since August last year. We expect the stock to gain traction on the back of this and establish a rally, at least in the short-term. Since the stock is now hovering near the â¹1,035 support and the daily RSI is showing positive indications, the probability of a rally is high. We anticipate Coromandel International to break out of â¹1,120 soon and touch â¹1,175. So, traders can buy now at â¹1,075 and accumulate at â¹1,050. Place stop-loss at â¹1,020. When the scrip rallies past â¹1,120, tighten the stop-loss to â¹1,080. Exit at â¹1,175.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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