Nagarjuna Fertilisers has support at Rs 28: Gujral

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Nagarjuna Fertilisers has support at Rs 28: Gujral

Technical Analyst, Ashwani Gujral is of the view that Nagarjuna Fertilisers and Chemicals has support at Rs 28.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS Nagarjuna Fertilisers may fall to Rs 25: Sukhani Sell Nagarjuna Fertilisers below Rs 37.25: ICICIdirect.com ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about Nagarjuna Fert See messages about Nagarjuna Fert Nagarjuna Fert BSE | NSE 01/01/70 Are Mutual Funds betting on Nagarjuna Fert? Other Stocks in this news Bajaj Hindusthan | Balrampur Chini Mills |

Technical Analyst, Ashwani Gujral is of the view that Nagarjuna Fertilisers and Chemicals has support at Rs 28.

Gujral told CNBC-TV18, "Till global markets are in this situation, I do not think much should be expected from the midcaps. I think they should all test their 15th July lows and even break them. Even Nagarjuna Fertilisers Rs 28 is a longer-term support level, it could test those levels. These counters have been range bound. If the market starts recovering, one will probably see levels of Rs 46 on Nagarjuna."

He further added, "All the sugar stocks are likely to go and retest their previous bottom. Bajaj Hindustan could go to levels of Rs 155-160, Balrampur Chini could go to levels of about Rs 70. So these longer-term supports should hold up."    

Disclosure: Analyst has long positions in the Nifty.