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Drumbeat: Ad Buzzaar
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Wednesday, May 20, 1998
Nagarjuna Fertilizers likely to bounce back
Deepak Singh Tanwar
In the last three months, the share price of Nagarjuna Fertilizers has done well on the bourses. It rallied from Rs 14 in the second week of February to Rs 32 on April 16. However, in its corrective rally, the stock has declined to Rs 17.40 - a correction of 45 per cent from the the peak.Since the correction seems to be over, chances of a sharp bounce back are bright. The 21-day RSI is also in the oversold zone. As it has fallen without a negative divergenec from a 52-week high, a reversal is likely. Other oscillators like MACD and stochastics are also in the oversold zone. All these factors point toward a bounce back. Traders can take a long position. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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