Rajat Bose of rajatkbose.com is bullish on Nagararjuna Fertilizers. However, he is negative on ONGC.Here is how he views the stocks on board:
On ONGC:
ONGC would face resistance at around Rs 1040-1050 levels. Unless or until it decisively clears that level, I wouldn’t be bet on that stock. Whenever ONGC has a spurt on a particular day, the following day has never been very good. There may have been cases where ONGC has moved up for the 3 sessions in a row. But it generally doesn’t. I would closely watch the levels of Rs1040 or Rs 1050 on the upside and at the same time look at Rs 970 on the downside. Unless that breaks , ONGC might try to move up.
On Nagarjuna Fertilizers:
Nagarjuna Fertilizers is doing very well. If one has to take a fresh position below Rs 36.75. If the momentum continues it can take it up to about Rs 41.50. So Rs 41.50 would be the next target. After that it may hit Rs 43 but Rs 43 is very strong resistance in my opinion where one will see a lot of supply coming in.
On RNRL:
RNRL has advanced so much in two days, that you cant take a long position. But that was the reason I did a buy call on RNRL. Unless RNRL falls below Rs 94 it can still try to move up and go to Rs 104 or even Rs 108. The crucial level for RNRL would be Rs 114 to about Rs 120. So if the momentum continues we might see it going to Rs 119 or Rs 123 .
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