United Phosphorous' uptrend likely to continue:IIFL

MUMBAI: According to IIFL as per the charts it is likely that United Phosphorous may continues its uptrend in the short term.

“United Phosphorous has seen impressive volume expansion in last few trading sessions after taking support at its 100-DMA (Rs184). Delivery based buying around the support levels has seen the stock breaking out from downward sloping resistance line on Tuesday.

The rally was accompanied with a positive crossover in RSI, earmarking inherent strength in the counter. Based on above observations, it is likely that stock continues its uptrend in the short term. Traders are advised to buy the stock above Rs 191 with stop-loss of Rs 186 for a target of Rs 202,” the report said.

Note: Trading idea valid for time-period of 1-3 days.