Stock Picks - Buy NRB Bearing Ltd For Target Rs. 158 - ICICI Direct
Technical Observations
* The Auto ancillary space continue to outperform with most of the stock forming higher high-low. The share price of NRB Bearing has generated a resolute breakout above a bullish Flag pattern signalling continuation of the up move and offers fresh entry opportunity
* We expect the stock to head towards | 158 levels in the coming weeks being the price parity with previous up move (113-141=28 points) added to the recent trough of around | 130 signals upside towards 158 levels
* The base of the recent consolidation is placed at the 20 days EMA (currently at | 130 levels) thus signals a positive price structure
* The breakout above the flag pattern is supported by strong volume of more than four times the 200 days average volume of 5 lakhs share per day highlighting larger participation in the direction of trend
* Among the oscillators the daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias
Buy NRB Bearing Ltd @ 137.00-143.00 TGT 158.00 SL 129.00
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