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Technical Observations

* The stock has registered a breakout above the trading range of the last two months (| 85-70) with a strong volume signalling resumption of up move and offers fresh entry opportunity

* We expect the stock to continue with its up move and head towards | 100 levels in the coming weeks as it is the measuring implication of the range breakout (85-70=15 points) added to the breakout area | 85 signals upside towards | 100 levels

* The stock has already taken 14 weeks to retrace just 61.8% of its previous 2 weeks up move (| 57- 99). A slower retracement signals a robust price structure and a higher base formation

* Among the oscillators the daily 14 periods RSI remain in strong up trend as it is rebounding taking support at its nine periods average thus validates positive bias

Buy Nagarjuna Construction Company Ltd @ 86.00-89.00 TGT  99.00 SL 81.00

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