Technical Analysis

NOCIL (₹140.4): Buy

Yoganand D BL Research Bureau | Updated on March 05, 2019 Published on March 04, 2019

Investors with a short-term horizon can buy NOCIL at current levels. Following a sharp fall in January and early February, the stock recorded a 52-week low at ₹115.7 and found support at this level. Subsequently, the stock reversed direction triggered by positive divergence in the daily relative strength index and the price rate of change indicator. Since then, the stock has been in a near-term uptrend.

Witnessing buying interest, the stock had surged 11 per cent last week. There has been an increase in volume over the past three trading sessions.

While trending up, the stock has breached its 21-day moving average and hovers well above it . The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI has entered the neutral region from the bearish zone. The daily price rate of change indicator features in the positive terrain implying buying interest.

The short-term outlook is bullish. The stock can continue to trend upwards and reach the price targets of ₹146.5 and ₹150 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹137.5.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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