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RETAIL RESEARCH
CMP #
Rs.247.40
Recommended Action
Buy between CMP & Rs.227
Targets
Rs.275/300
SL*
Rs.222
Time Horizon
1-2 Months
Note: * Place stoploss as per daily closing basis. Recommended to stagger buying/selling. If first target achieved, then revise stoploss to buying/selling price.
# cmp at the time of issue of call in jaamoon.
Observation:
The attached weekly timeframe chart of NBCC (INDIA) LTD has been showing a sideways range movement, post sharp
upmove of early to mid-part of July-16.
During its downward correction, the stock price held above the key support of Rs.230 levels (green dashed horizontal line,
as per the concept of change in polarity). This could be a validation of the previous upside breakout and could possibly have
a further positive impact on the trend ahead.
We observe an emergence of renewed buying enthusiasm with rise in participation during this week, after the minor
consolidation of last week. Presently, the stock price is facing minor resistance around Rs.250 levels and a decisive upmove
above this hurdle could have a sharp positive impact on the stock price ahead.
Weekly 14 period RSI has turned up from near the key upper area of 60 levels. Weekly RSI has been moving in a bullish high
low range of around 45-75 levels.
As per the pattern the weekly momentum oscillator, the weekly RSI is expected to reach up to 75 levels again and such
expected action of RSI could mean further strengthening of upside momentum in the stock price.
Overall positive chart and momentum pattern of NBCC (INDIA) LTD is showing an opportunity to create a near term long
trading position. Look to buy this stock as per levels mentioned above.
RETAIL RESEARCH
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RETAIL RESEARCH
RETAIL RESEARCH
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