04-01-2021 11:55 AM | Source: ICICI Direct
Stock Picks - Buy NBCC Ltd For Target Rs. 53 - Religare Broking
News By Tags | #3961 #3695 #765 #3050

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Technical Observations

* The stock has generated a breakout above the falling trendline joining the last three weeks highs signalling resumption of up move and offers fresh entry opportunity.

* It is seen rebounding taking support near the 50 days EMA and the 61.8% retracement of the previous up move (| 32-54) signalling strength and positive bias

* The share price has already taken 14 sessions to retrace just 61.8% of the preceding 11 sessions up move (| 32 to 54). A slower retracement signal a robust price structure and a higher base formations

* The daily 14 periods RSI is at the cusp of generating a bullish crossover above its nine periods average thus supports the positive bias

* We expect the stock to continue with its current up move and retest the recent 52 week high placed around | 54 levels in the coming sessions

 

Buy NBCC Ltd @ 47.00-48.50 TGT 53.00 SL 45.00

 

To Read Complete Report & Disclaimer Click Here

 

Please refer disclaimer http://ex.religareonline.com/disclaimer

SEBI Registration number is INZ000174330

 

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