United Phosphorus doesn't look set for great upside: Sharyans Resources

In a chat with ET Now, CK Narayan, President Treasury, Sharyans Resources, shares his views on the outlook of United Phosphorus.

What is the call on United Phosphorus?

United Phosphorus is a little bit of mystery. The stock is on virtually every broking houses' buy list. I do not think I have ever seen a report which says either reduce United Phosphorus or move it down to a sell but unusually the stock has always failed to perform. It is not as though the numbers have not added up or the news flow has not been positive, but somehow the stock never really performs. Over the recent times, it has actually given way and it seems to be threatening the support zones. Today's news and the kind of negative response it got is not far too encouraging. I think Rs 140-138 was the last level of support that I had for the short term, and it seems to be trading even lower than that. So, in a manner of speaking the down front may have resumed, but looking at the chart overall I would say this stock would probably consolidate near the lower levels maintaining Rs 125 to Rs 145 kind of range for now and await more news or perhaps fresh set of numbers. I do not see it going down very sharply but for the moment I think all the upside seems to be totally spike in it.