While the punted ball is in the air the returner will raise his right arm straight up above his head and wave his arm and hand from side to side to signify that he is about to make a fair catch.
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no because you are deceiving the punting team. otherwise if you knew it was gonna be a touch back you would call fair catch and then block the punting team from stopping the ball from going into the endzone
The ball cannot be advanced if Player A calls for a fair catch and Player B catches the ball. From the NFL game operations Manual, Rule 10, Section 2, Article 3b (emphasis mine) :