IGI Logo

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

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

Above views are of the author and not of the website kindly read disclaimer