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Technical Observations

* The Chemical space is in strong up trend and is seen resuming fresh up move after last two months of breather.

* The share price of Nocil has registered a resolute breakout above the bullish flag pattern signalling continuation of the up move and offers fresh entry opportunity

* Going ahead we expect stock to continue with its positive momentum and head towards | 282 levels in the coming weeks as it is the 138.2% external retracement of the last decline (| 271-247)

* The breakout above the bullish flag pattern is supported by strong volume of more than double of its 50 days average volume of 18 lakhs share per day highlighting larger participation in the direction of trend

* 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 Nocil Ltd @ 254.00-259.00 TGT 282 SL 243

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