Buy Coromandel International, target Rs 499

We recommend buying the stock at CMP for the target of Rs 499, keeping stop loss at Rs 415 on closing basis.

Inverse head and shoulder breakout is seen in Coromandel International on the weekly charts. Higher tops and higher bottoms on the daily and weekly charts are developing. Volumes gradually improving along with the price rise. Stock price has surpassed the resistance of its 50 Week EMA. Stock price has surpassed the resistance of its 200 DMA. Bullish “Hammer” candlestick pattern was formed on month ended October 2018.

Considering the technical evidences discussed above, we recommend buying the stock at CMP for the target of Rs 499, keeping stop loss at Rs 415 on closing basis.


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