Trading rationale:
Focus on Chemical and Fertilizer stocks till budget,
UPL is best buy in agro chemical space,
Breakout from expanding channel on weekly time frame,
Bullish crossover on MACD & RSI is above 60 suggesting strong trend of the stock,
Option buyers can track 790 CE which is trading at 23.45 with a sl of 16 for targets of 32/40
Swing traders can...
Breakdown from the trendline expecting small correction only if support break else we can expect move upside
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The stock has given a wonderful BreakOut from expanding channel pattern with a very good volume,
It has huge potential to go up.
Good stock to hold for a long term.
Best of luck traders/investors.
Price has taken support over 390 with high volume and it is ranging in expanding channel. Take entry at 396 with 390 stop loss, target will be 414 -416. Duration is 6-7 Days
