Stock Picks - Buy National Aluminium Company Ltd For Target Rs. 93.00 - 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 has already logged a resolute breakout from flag formation (as shown in adjoining chart), indicating continuance of positive bias. We expect stock to resolve higher and head towards our target of | 93 in the coming weeks as it is the measuring implication of the Flag formation
* Key point to highlight since November 2020 is that the 50 days EMA acted as a strong support and subsequently staged a pullback, indicating elevated buying demand. In current scenario as well, higher base formed above 50 days EMA, highlighting inherent strength
Buy National Aluminium Company Ltd @ 81.00-84.00 TGT 93.00 SL 75.00
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