Chambal Fertilser can be a buy for long-term holders: Ambareesh Baliga

Ambareesh Baliga, COO, Way2Wealth Brokers Pvt. Ltd in a chat with ET Now gives his views on the fertiliser pack.

ET Now: What’s your call on fertiliser stocks given that traditionally in the run-up to the budget, activity is seen in these counters?

Ambareesh Baliga: I think, the budget is delayed, so the pre-budget rally may also get delayed. Overall, in the fertilser pack, 1-2 of them - like GSFC can be worth buying.

Others like Chambal have broken down from their uptrends. GSFC is fairly close to a support of about 300 to 320 and generally if bought here, it tends to move up to 390-395. But due to rupee depreciation, fertiliser subsidy will face pressure.

For Chambal - downside - 65 is the support. Long-term holders can buy it here and keep a Rs 10 stop but otherwise there is no strength on the upside.