Avoid Nagarjuna Fertilisers: Jaiswal

Avoid Nagarjuna Fertilisers, says Manas Jaiswal, Technical Analyst, manasjaiswal.com.

Jaiswal told CNBC-TV18, "Nagarjuna Fertilisers and Chemicals is facing lot resistance in the range of Rs 34 and Rs 36 and today it has broken its 200 day moving average also. Now it has some support at Rs 31 that is 50% retracement level of the recent rally from Rs 27 to Rs 35, so I think one should keep a fixed stoploss of Rs 30.50 and if it breaks that then one should exit from long positions and buy the stock again if it breaks Rs 36 otherwise just avoid the stock at current levels." He further added, "I am very much bullish on Chambal for long term but for a trading I think traders should avoid the stock because the stock is trading near to the 200 day moving average. If it breaks Rs 75 then it will turn bearish for short term but if you are talking about long term I think Rs 75 and Rs 70 is a very good level to buy for investor for horizon of around 8 to 10 months time. Stock has potential to test around Rs 105-110 but this is for long term call, short term traders should avoid this stock."