Exit Nagarjuna Fertilisers: Sukhani

Technical Analyst, Sudarshan Sukhani is of the view that one can exit Nagarjuna Fertilisers and Chemicals.

Sukhani told CNBC-TV18, "Nagarjuna Fertilisers has been on the radar in the sense that the fertiliser sector has broken out of a long-term trading range. In the short-term, the stock has moved up in sympathy with Chambal Fertilisers or some other. At this point there is resistance at Rs 40; if one owns this stock for a short swing this is a good time to take profits and get out. It’s unlikely to cross that Rs 40 threshold."

He further added, “Reliance Natural Resources is in a class by itself but if it closes at Rs 98 and there is a lot of resistance around Rs 100. One has to wait and find out if it crosses resistance rather than wait, it’s better to get out and take profits now."