Buy signal - highest scorer of our Top 50 list

Published December 04, 2018

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Every day our algorithms go through all listed stocks on NSE and identify 50 stocks and give them a score based on the position of the stock with respect to trend channel, the volume balance indicator, and nearness to support and resistance.

Today we write about Chambal Fertilizers & Chemicals Limited, which has topped our list of Top 50 buy candidates that our algorithms have created.

Chambal Fertilizers & (CHAMBLFERT.NS) Close: 156.15

Chambal Fertilizers & Chemicals Limited shows strong development within a rising trend channel in the medium and long term. Rising trends indicate that the company experiences positive development and that buy interest among investors is increasing.

The stock has broken up through the resistance at rupee 153. This predicts a further rise. The next resistance levels are at 171 and 207 rupees, while there is support at 153 and 137 rupees.

Volume has previously been high at price tops and low at price bottoms. Volume balance is also positive, which strengthens the trend. The RSI curve shows a rising trend, which supports the positive trend. The stock is overall assessed as technically positive for the medium term.

Investtech's outlook (one to six months): Positive

The analyses are based on closing price as per December 03, 2018. Maintaining proper stop loss is always recommended.