IGI Logo

Technical Observations

* The stock has rebounded after taking support at 50% retracement of Aug-Sep up move (|71-102) and 50 day EMA, signalling positive structure and offers fresh entry opportunity.

* Going ahead we expect the stock to continue with its positive momentum and head towards its 52 weeks high of | 102 levels in the coming week

* The stock has already taken fifteen days to retrace just 50% of its preceding eleven sessions up move (| 71 102). A shallow retracement and a higher base above the 50 days EMA highlights a robust price structure

* The daily 14 periods RSI has generated bullish crossover above its 9 period average and is seen sustaining above its nine periods average thus supports the positive bias

Buy National Aluminium Company Ltd @ 92.00-94.00 TGT 101 SL 86.50

To Read Complete Report & Disclaimer Click Here

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

Above views are of the author and not of the website kindly read disclaimer