Readers Request:Techncial on M&M and Chambal Fertilizer

By | August 9, 2011

Mahindra&Mahindra

M&M is showing formation of higher bottom formation with todays rise on huge volumes . The neXt level of resistance zone is 712 which is 200 DMA for the stock.

Stochastic has generated a Buy with a close above 20 and RSI is also turning up. Volumes were good on todays rise above short term resistance of 50 SMA.

Buy above 700 TGt 712,726 and 740

Chambal Fertilizer

Chanbal Fertilizer has shown a steep rally from 69 levels to 99 odd levels where it is facing resistance at its supply zone of Rs 99.

I have shown with a red line that a supply zone for Chambal and trading in a parallel channel as shown in Blue line.

Stochastic is oversold and on verge of generating a sell RSI is overbought.

Sell below 91 Tgt 88.4,86.5 and 85

 

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