Madras Fertilizer - Classical Pullback Formation for Re-entry

Madras Fertilizer

CMP - 36.95

Technicals - 
* Strong Technical for Long term Investment
* Classical Pullback Re-entry formation
* Test of previous GapUp Breakout level
* Test of 200 Moving avg and took support and gave fresh Breakout on Daily Chart
* Yogi's STAR setup - Price, Volume & RSI breakout
* RSI formed +ve divergence and moved up.
* Moving Avg are reversing to +ve.


Fundamentals - 
* Promoters are holding more than 85% 
* Last Q2Q same year & last Year EPS growth are Positive and Improving.

Weakness - 
* Technically, Price might consolidate in the sideways range 31 -37. Next few days will confirm its price movement.
* Fundamentally, ROE and Reserves values are not encouraging. 

My Take - 
BUY at CMP 36.95 and every fall SIP Wise with Stop of 30 level.