Stock Picks - Buy National Aluminium Company Ltd For Target Rs. 96 - ICICI Direct
Technical Observations
* The Metal sector has regained momentum after couple of months breather. Within Metal sector, the share price of National Aluminum has relatively underperformed. We expect it to witness catch up activity as it resolved out of 13 years long supply trend line drawn joining highs of 2008-17 (|142-98), indicating structural turnaround and offers fresh entry opportunity
* The stock during current week has rebounded taking support from the recent breakout area and the rising 20 days EMA as can be seen in the adjacent chart thus offers fresh entry opportunity
* We expect stock to resolve higher and head towards our target of | 96 in the coming weeks as it is the 161.8% external retracement of the recent breather | 91-82 placed around | 96 levels
* Among the oscillators the daily stochastic has generated a buy signal moving above its three periods average thus validates positive bias in the stock
Buy National Aluminium Company Ltd @ 86.00-88.00 TGT 96 SL 82
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