Fertiliser stocks will bounce back: Deepak Mohoni
ET Now spoke with Deepak Mohoni, director, trendwatchindia.com, to find out his views on the outlook of the fertiliser pack.
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| ET Now spoke with Deepak Mohoni, director, trendwatchindia.com, to find out his views on the outlook of the fertiliser pack.
We are seeing a kind of softness in trade of the fertiliser pack. How do the charts look to you?
It looks like the pre-budget game is up really because they are down to one to two week low, so you cannot trade these now as in an uptrend at best. There may be a bit of a bounce because of the increasing volatility but beyond that it does not look very much that budget play is valid anymore.
Have you been tracking Shree Ashtavinayak or VIP Industries?
I have been tracking Shree Ashtavinayak because right from the day of the great breakout that was month and a half ago where it broke out past the adjusted price of Rs 20. Now we have gone way below that it’s a straight to a two-three month low, this stock serves a bit of a warning to traders or investors to stay away from the 5 per cent stocks because once the move is up, they go five lower circuits in fact this one seems to gone lower circuits.
We are seeing a kind of softness in trade of the fertiliser pack. How do the charts look to you?
It looks like the pre-budget game is up really because they are down to one to two week low, so you cannot trade these now as in an uptrend at best. There may be a bit of a bounce because of the increasing volatility but beyond that it does not look very much that budget play is valid anymore.
Have you been tracking Shree Ashtavinayak or VIP Industries?
I have been tracking Shree Ashtavinayak because right from the day of the great breakout that was month and a half ago where it broke out past the adjusted price of Rs 20. Now we have gone way below that it’s a straight to a two-three month low, this stock serves a bit of a warning to traders or investors to stay away from the 5 per cent stocks because once the move is up, they go five lower circuits in fact this one seems to gone lower circuits.
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