IGI Logo

Technical Observations

* The share price of Nalco is seen rebounding after taking support at 50 day EMA and 80% retracement of Sep-Oct up move signalling resumption of uptrend and favourable risk-reward 

* The stock has been holding above its 50 day EMA since September2021, suggesting inherent strength and augurs well for next leg of up move

* We expect the stock to maintain positive bias and head higher towards | 112 levels in the coming sessions as it is the 50% retracement of current decline (| 128-95)

* The stock has immediate support at | 94 levels as it is the 80% retracement of Sep-Oct rally (| 85-128)

* The daily Stochastic has generated bullish crossover thus validates positive bias

Buy National Aluminium Ltd @ 99.00-102.00 TGT 112 SL 94

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer