Stock Picks - Buy National Aluminium Company Ltd For Target Rs. 112 - ICICI Direct
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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
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