Stock Idea - NLC India Limited By Choice Broking
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The slock has been rising for last lhree weeks wilhoul enabling a selling pressure, On a weekly chart, the stock has taken good support at 61.8% Retracement Level at 49.80 levels and bounced back further, made high at 68.60 in recent week. Which is more than 35% rally in just six weeks.
The stock has also shifted above 200-weeks EMA, which indicates a bullish momentum for the longterm.
On the daily chart, the price has confirmed the Trendline breakout and moved above it with higher volume also a price shifted above Upper Bollinger Band formation & 50-days SMA, which supports the bullish move in the stock.
A momentum indicator RSI, Stochastic & MACD is supporting the bullish trend along with the positive crossover on the daily timetrame.
As perthe above technical parameters, we are expecting aoullish move inthe stock for the target at 80/90 levels while on the downsicle, the support comes al55/60 levels.
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