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Technical Observations

* The stock has generated a breakout above the falling channel containing the last one months corrective decline signaling resumption of up move and offers fresh entry opportunity.

* It is expected to continue with its current up move and head towards its recent highs of | 293 levels in the coming weeks

* The stock has recently rebounded taking support at the rising 50 days EMA (currently at | 253) and the previous major breakout area signaling a positive price structure

* The rising 50 days EMA has acted as major support for the stock in the entire up move since May 2020 highlighting strength

* The stock has immediate support at | 253 levels being the confluence of the 50 days EMA and the 50% retracement of the current up move (230-279)

* The daily 14 periods RSI has recently generated a buy signal moving above its nine periods average and is seen sustaining above the same thus validates positive bias

Buy Nocil Ltd @ 268.00-274.00 TGT 292 SL 253

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