Diwali Picks 2024 Update by Choice Broking
* NCC is in a long-term uptrend, consistently forming higher highs and higher lows on the weekly chart. Currently trading around 289, the stock has recently seen a pullback from higher levels and is now approaching a key support zone. This area may offer a favorable buying opportunity if signs of a reversal emerge. A "buy on dips" strategy is recommended. with entry points up to 260 levels, targeting an upside range of 345-360.
* The Relative Strength Index (RSI) is around 47.5, indicating that the stock is in a neutral zone where buyers may step in as it nears oversold territory. This suggests there is potential for upward movement, and increased buying interest could trigger a reversal, leading to gains from current levels. Additionally, the stock is trading between its short-term (20-day) and medium-term (50-day) Exponential Moving Averages (EMAS), suggesting a phase of consolidation. If the stock reverses from the (50-day) EMA, it could indicate strong support, encouraging further buying.
* A prudent strategy would be to consider buying opportunities on dips around 260 levels. In summary, based on technical analysis and current market conditions, NCC presents a promising buying opportunity for those targeting price objectives of 345 and 360. Implementing sound risk management strategies is essential to navigate potential market fluctuations effectively.
Buy NCC @ 289 & add Upto 260 for the Target of 345/360
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