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Buy Bodal Chemicals, target Rs 161

The scrip has a support placed at Rs 114 levels and resistance level at Rs 172. We have a buy recommendation for Bodal Chemicals which is currently trading at Rs. 143.60



Bodal Chemicals witnessed a sharp correction in the last six-month from Rs 172 levels towards Rs 114-111 zone where it formed two consecutive bottom trend-channel which indicated a strong support.
Recently, it witnessed a strong upward momentum where it made two higher peaks after breaching its 20-days EMA level placed at Rs 135 levels.
Substantially, the scrip also witnessed a strong volume growth on the weekly basis and formed a bullish candlestick pattern on the weekly price chart with about 13 percent gain in same period despite closing lower on Friday.
The weekly RSI level up at 55 coupled with positive divergence on MACD which indicates a buying regime at the current level.
The scrip has a support placed at Rs 114 levels and resistance level at Rs 172. We have a buy recommendation for Bodal Chemicals which is currently trading at Rs. 143.60.
MORE WILL UPDATE SOON!!

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