Chart Check: Up 20% so far in March, should you buy, sell or hold S Chand & Co?

Shares of S Chand and Company, part of the printing and publication industry, rallied more than 20% so far in March 2023 and technical setup suggests that the rally may not be over yet, suggest experts.

Short-term traders can look to buy the stock now or on dips towards Rs 170 levels for a possible target towards Rs 300-350 in the next 6 months.

The stock rallied from Rs 180 as on 28 February 2023 to Rs 217 recorded on 15 March which translates into an upside of about 21%.


The recent momentum helped the stock to hit a fresh 52-week high of Rs 233.50 on 13 March 2023.

The stock also gave a breakout above the falling trend line connecting from May 2017 and Feb 2023 to make a fresh high in March 2023 and that is above the previous two immediate swing highs.

In terms of price action, the stock is trading above most of the short and long-term moving averages such as 5,10,30,50,100, and 200-DMA on the daily charts which is a positive sign for the bulls.

The Relative Strength Index (RSI) is placed at 75.6. RSI above 70 is considered overbought. This implies that stock may show pullback. MACD is above its center and signal Line, this is a bullish indicator.

S Chand and Company stock price started its downtrend from Rs 694 (May 2017).

It traded below most of the moving averages and made a new low of Rs 34 in April 2020.

“Value buying followed and the stock made a higher bottom formation, making a new intermediate high of Rs 149 in October 2021. Profit booking followed and the stock traded around averages seeking direction making a low but again a higher bottom at Rs 92 (May 2022),” Bharat Gala, President - Technical Research, Ventura Securities, said.

“Thereafter, the stock traded in a (Rs 150-200) range from September 2022 to February 2023. Recently, the stock gave breakouts above the trend line connecting May 2017 and February 2023 and made a high of Rs 222, which is above previous two immediate swing highs, accompanied by volumes,” he said.

“The stock is due for a fresh upmove. The Demand Index, Aroon Up/Down & William % R indicator suggest a possible firm uptrend. The possible targets are Rs 300-350,” recommends Gala.

“If the stock price corrects downwards the buy levels are (Rs 206-195)-Rs 187-(Rs 179-174). A stop loss to be observed in the trade is Rs 165 on a closing basis,” he added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)