Buyers with a short-term horizon can promote the inventory of Chambal Fertilisers & Chemical compounds at present ranges. The inventory took assist at round ₹135 in early September 2020 and had been in a medium-term uptrend till it encountered a key resistance at ₹260 in early February this yr. The important resistance degree of ₹260 restricted the rally in early March and the inventory began to say no. The unfavourable divergence on the weekly relative power index had triggered the development reversal. The inventory has been in a short-term downtrend since early February.

Early the week, the inventory breached the 21- and 50-day shifting averages and continued to development downwards. It trades nicely beneath these shifting averages. On Thursday, the inventory tumbled 4 per cent with above common quantity, decisively breaching a key assist at ₹225. The day by day RSI has entered the bearish zone from the impartial area and the weekly RSI has slipped into the impartial area from the bullish zone. Additional, the day by day in addition to the weekly worth price of change indicators characteristic within the unfavourable terrain implying promoting curiosity. The short-term outlook is bearish for the inventory. It might prolong the downtrend and attain the worth targets of ₹208 and ₹203 ranges. Merchants can promote the inventory with a stop-loss at ₹222 ranges.

The suggestions are primarily based on technical evaluation. There’s danger of loss in buying and selling