Stock of Chennai petro was in the down trend making sloping channel from which it broke out in the month of Novemenr 13 (as seen in the chart). It then moved sideways making horizontal channel and broke out yesterday with heavy volume. Stock is also trading above its all key moving averages. It can be bought at CMP with price target of 85.
Stop loss below 66 recommended.
CMP- 73.3 (as of 4/23/14)
