Subsidy Booster: GNFC, Chambal, GSFC eye up to 11% gain amid bullish bias

Major stocks in fertlizer sector continue to trade with bullish bias, as their chart structures denote feasible upside.

Shares of fertilizer stocks will be in limelight following the cabinet approval of Rs 1.08 lakhs crore subsidy for the ongoing monsoon season. Also, the prices of urea for farmers will remain steady during the same period.

On Thursday, shares of Zuari Agro Chemicals and Chambal Fertilizers & Chemicals soared 1.50 per cent and 1 per cent, respectivel. Gujarat Narmada Valley Fertilizers and Chemicals, and Rashtriya Chemicals & Fertilizers were seen trading up 0.50 per cent.

Here’s the technical outlook for fertilizer stocks amid the approval of subsidy:-

Gujarat Narmada Valley Fertilizers and Chemicals Ltd (GNFC) 

Likely target:   Rs 725

Upside potential: