Unlike other agrochemical manufacturing counters, it has been an outperformer since 2001 irrespective to the market conditions. During tough market situations, it under-goes in consolidation phase which later fol-lowed by an upside breakout. In past in-stance, it consolidated in a broader range of 105-160 during Sep, 2011- Nov, 2013 and scaled to 250 level in less than a year time.
Currently, it’s trading in a consolidate band of 205-250 while sustaining above the long term averages (100,200 EMA) on the daily chart with noticeable volume, which indicates accumulation. And, it’s expected to witness upside breakout from the same in near future. Hence, traders are advised to accumulate this counter between 222-CMP (228.65) with closing below stop loss of 208 for the target of 270 level.