Buy Coromandel International with target Rs 535: Vinay Rajani

Vinay Rajani

Coromandel International formed an Inverse Head and Shoulder breakout on the weekly charts. The stock formed a higher tops and higher

bottom formation on the daily as well as the weekly charts.

Volume activity is gradually improving along with the price rise. The stock price has surpassed the resistance level of 50-week EMA. The stock

price has surpassed the resistance of its 200-DMA.

Considering the technical evidences discussed above, we recommend buying the stock at CMP for the target of 535, and keeping a stop loss

at 420 on closing basis.

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