According to domestic brokerage and research company ICICI Securities, the Nifty PSE index is poised to break out above multi-year highs since 2017 and is still in a robust uptrend with higher high and low values across all time periods. This would indicate a Structural Reversal.

The Stock is also about to generate a breakout over the recent 18 months’ range (roughly between ₹104 and ₹66), providing a new entry opportunity. The 20-month exponential moving average (EMA), which is now at ₹82, is where the recent consolidation’s base is located, indicating a generally bullish price structure, according to the paper.

With a Buy rating, a stop loss of ₹91, and a time frame of around three months, the brokerage anticipates that the stock will retain its upward tilt and move towards ₹117 levels (the target price), in the external 123.6% retracement of the previous breather (₹112-71). Positive bias is supported by the fact that the monthly MACD is in an uptrend and is shown recovering by finding support at its nine-period average.

About 75% of the stock in Rashtriya Chemicals and Fertilizers Limited (RCFL), a major producer of fertilisers and chemicals, is owned by the Indian government. In 1997, the business received the coveted “Miniratna” designation. It operates out of two locations: Thal in the Raigad district and Trombay near Mumbai. Urea, complex fertilisers, bio-fertilizers, micronutrients, water-soluble fertilisers, soil conditioners, and a broad variety of industrial chemicals are all produced by RCF.