Enter IG Petrochemical 420. Target 540 & 630. 3 months and 1 year respectively. SL 340.
Add on dips towards 380-390.
Fundamentally strong chemical stock available at a valuable price.
Technically stock is bearish on daily charts and taking support in weekly charts at 200 EMA.
200 EMA on daily charts is at 500. We see the stock rally towards 500-540 above 440. Facing resistance between 500-540. Stock will move swiftly towards 630 and 750 above 550 in less than a year.
Keep vigilant on upcoming quarterly results.
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