Technical Positional Pick - Buy Nava Bharat Ventures Ltd For Target Rs.66 - HDFC Securities
The down trend of the last 6-7 weeks in Nava Bharat Ventures Ltd seems to be ending soon, as per weekly timeframe chart.
The stock price has shifted into an upside bounce from the new swing low of Rs 52 in this week and is currently trading higher. Present upmove is likely to continue in the short term.
We observe a larger degree of higher tops and bottoms and present upside bounce from the swing low of Rs 52 could be in line with new higher bottom of the sequence.
We need more evidence of upmove to confirm bottom reversal. Weekly short term moving average is trading above long term moving average. This indicate increasing strength of upside momentum in the stock price.
The overall chart pattern of NBVENTURES signal a long trading opportunity. One may look to create a positional buy as per the levels mentioned above.
Buy Nava Bharat Ventures Ltd @ 55.25-51.60 Up to 3 months CMP 54.85 TGT 66 SL 50.40
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