IIFL is bullish on Nagarjuna Fertilizers and has recommended buy rating on the stock with a target of Rs 34.75 in its July 26, 2011 research report.
"Nagarjuna Fertilizers on the daily chart has signaled 'flag' breakout on yesterdays trading session with surge in volumes. Although the daily candle turned out to be 'doji' star but closing was well above the breakout point for the stock. The daily RSI has also confirmed a positive crossover after entering from oversold terrain. In the previous week an appearance of 'hammer' like structure on weekly candlestick chart, indicate bullish stance in the stock with immediate resistance seen at Rs 35. We advise buying stock in the range of Rs 33-33.25 with stop loss of Rs 32.5 for target of Rs 34.75. (Duration 5 days)," says IIFL research report.
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