MTF Stock Pick Buy The New India Assurance company Ltd For Target Rs. 200 - HDFC Securities
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MTF Stock Pick Buy The New India Assurance company Ltd For Target Rs. 200 - HDFC Securities
NIACL has been consistently falling in the last few weeks after testing a high of 197 in Februay 2021.
The stock has found support around the 142 levels which also roughly coincides with a previous intermediate high. This indicates that the change of polarity principle is at work as prior resistances are now acting as supports.
Today, the stock has broken out of the 150-158 trading range on the back of above average volumes. This augurs well for the uptrend to continue.
Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.
With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy The New India Assurance Co. Ltd Up to 1-3 Months @ 160-165 CMP 163.5 TGT 200 SL 150
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