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Technical Observations

• The fertilizers stocks has seen a strong rebound in the last two months and is seen forming higher high-low in all time frame. Our preferred pick within the fertilizer stock is National Fertilizers, which we expect to outperform going ahead

• The stock during current week has registered a breakout above the bullish rounding formation signalling resumption of up move and offers fresh entry opportunity

• We expect the stock to head towards | 68.50 levels being the 138.2% retracement of the previous decline (|61-41)

• The breakout above the bullish rounding formation is supported by strong volume of more than double of the 50 days average volume of 31 lakhs share per day highlighting larger participation in the direction of trend

Buy National Fertilizers Ltd @ 64.00-64.80 TGT 68.50 SL 60.80

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