Technical Positional Pick - Buy Nava Bharat Ventures Ltd For Target Rs. 63 - HDFC Securities
The attached weekly timeframe chart of Nava Bharat Ventures Ltd (NBVENTURES) signal an important turnaround in the medium term trend of the stock price.
The intermediate down trend of the last couple of years seems to be over. The price action of the last 3-4 months signal a significant ‘W’ type bottoming pattern or a rounding type bottoming formation with the neck line of around Rs 60 (upper horizontal line).
A recent higher bottom of Rs 46 of last week could indicate more evidence for bulls to make participation, post minor downward correction. Weekly 14 period RSI is turning above 45 and is expected to move up to upper 60 levels.
This is positive indication for the upside momentum of the stock price. The smaller to larger term chart pattern of NBVENTURES signal positional long trading opportunity. One may look to buy as per the levels mentioned above.
Buy Nava Bharat Ventures Ltd Upto 3 Months CMP 50.55 TGT 56 & 63 SL 45
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