Technical Analyst, Ashwani Gujral is of the view that fertiliser stocks may see further 10-15% decline.
Gujral told CNBC-TV18, "Everything ran up on any kind of anticipation that has started getting corrected, so you could see further 10-15% downside on all of the fertilizer stocks because now divestment buzz on the PSU fertilizer stocks is also kind of dying down. So they are in for more downside because they have downside to achieve. Probably autos are done for the short-term but stocks which ran up over the last couple of weeks may have more downside."
Nagarjuna Fertilisers and Chemicals has touched an intraday high of Rs 33.55 and an intraday low of Rs 32.65. The share closed at Rs 33, down Rs 0.8, or 2.37%. There were pending sell orders of 6,901 shares, with no buyers available.
Chambal Fertilisers and Chemicals has touched an intraday high of Rs 64.20 and an intra day low of Rs 61.20. The share closed at Rs 62.10, down Rs 2.3, or 3.57%. There were pending buy orders of 3,086 shares, with no sellers available.
