Stock Picks - Buy NBCC Ltd For Target Rs. 53 - Religare Broking
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
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