Keep a stoploss of Rs 35 in Chambal Fert: Mathew

Technical Analyst, E Mathew is of the view that in Chambal Fertilisers and Chemicals one can keep Rs 35 as a stoploss.

Mathew told CNBC-TV18, "The fertilizer and the sugar sector are trading favorites. We are in a trading market, these are not investment calls, and these are pure trading calls. If one can keep a stoploss of around Rs 35 on Chambal Fertilizers, one could play for a target of around Rs 62. This chart is looking reasonably good."

He further added, "As far as sugar is concerned whether it is a Balrampur or a Shree Renuka, I find that relative to the massacre, which has taken place in the Nifty, I am quite impressed by the charts of some of these sugar stocks. There is a trading opportunity on Shree Renuka. Keeping a stoploss of Rs 48-50, one could play for a target of as high as Rs 78-80. So these are all good trading opportunities but at the same time one must remember that if the Nifty is going to peak out somewhere between 3,330 and 3,400, I am sure these guys would also run out of steam."

Disclosure: Analyst associate company has sold out of money calls.

Source: Moneycontrol