Sell Chambal Fertilizers and Chennai Petro: Shardul Kulkarni

Shardul Kulkarni, Sr. Technical Analyst, Angel Broking in a chat with ET Now gives his perspective on Cairn India, Chennai Petro and Chambal Fertilisers.

You have got specific calls on Cairn India, you have got Chennai Petro, mainly from the oil and gas pack, even Chambal Fertilisers, you have got a sell call on that one?

In case of Cairn India, yes, we are looking at the stock moving upwards, the basic reason is that if you see the futures market, the stock has given you a very strong island reversal pattern, so yes, we expect that the shorts will be trapped even today as well as tomorrow, so 315 is a possibility in Cairn India.

Chambal Fertilisers, we are seeing a breakdown and in case of Chambal, we feel that the stock might test the lower levels of 54 in the next 5-7 trading sessions, so ideally one can sell at these levels. Stop loss on the higher side will be 62.

Chennai Petro has shown you a head and shoulders breakdown pattern, so that’s a clear sell call and you are looking at downside of around Rs. 260 in Chennai Petro. Stop loss for that trade is 274.