Chemplast Sanmar shares are getting bought on dips over the last two trading days. This is amid the strong sell-off that is happening in the broader market. That leaves the bias positive for the Chemplast Sanmar. Strong support is in the ₹525-₹520 region. Intermediate resistance is around ₹560. The chances are high for the stock to breach this hurdle. Such a break can take Chemplast Sanmar share price up to ₹600 in the coming weeks.
Considering the current scenario in the market, the above-mentioned rise may take longer time also. Traders can go long now at ₹545. Accumulate on dips at ₹530. Keep the stop-loss at ₹515.Trail the stop-loss up to ₹555 when the price goes up to ₹565. Move the stop-loss further up to ₹570 when the price touches ₹580. Exit the long positions at ₹590.
Today’s Stock Recommendation: August 6, 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)