Stock Picks - Buy Nocil Ltd For Target Rs. 328 - ICICI Direct
Technical Observations
* The share price of Nocil remain in strong up trend forming higher peak and higher trough in all time frame. The stock is seen breaking above the last five weeks consolidation range (| 293- 230) signaling resumption of up move and offers fresh entry opportunity.
* Going ahead, we expect the stock to extend the current up move and head towards | 328 levels as it is the 161.8% external retracement of the last five weeks consolidation range (| 293-230)
* The breakout above the last five weeks consolidation range is supported by strong volume of more than three times the 50 days average volume of 25 lakhs share per day highlighting larger participation in the direction of trend
* The daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias in the stock.
Buy Nocil Ltd @ 303.00-309.00 TGT 328 SL 291
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