Nagarjuna Fertilizer - a revisit

During the last week I had indicated a corrective rally in Banking stocks ( I analysed BANKEX) and also a corrective rise in the NIFTY to 4600-4630 levels. These events took place today.

Considering the ensuing monsoon season, there is active buying interest in fertilizer counters. And we today re-visit our earlier analysis on Nagarjuna Fertilizer


The 'correction' in the counter is nearing completion with the range bound movement of the stock between Rs 40 - Rs 50..

A break above Rs. 50/- should trigger further buying. Volumes too are picking up in recent days which is a positive. On break out - keep a stop at Rs 40 for a target at Rs 70/-

Happy monsoons !!

CA Rajiv D Khatlawala