Nitco (72.4)

Yoganand D BL Research Bureau The stock of Nitco gained 4.4 per cent breaking above a key short-term resistance at ₹70 with an above average volume on Tuesday. Since taking support at ₹43 in November 2016, the stock has been on an intermediate-term uptrend. In mid-April, the stock encountered a key resistance at ₹70 and failed to break above it. After testing this resistance level for more than a month, the stock has breached above this hurdle decisively on Tuesday. There has been an increase in daily volume over the past five trading sessions. The daily relative strength index has re-entered the bullish zone from the neutral region. The weekly RSI has also entered the bullish zone from the neutral region. With the stock's recent rally, it appears to have resumed is short-term uptrend. The daily and weekly price rate of change indicators are featuring in the positive territory implying buying interest. The short-term outlook is bullish for Nitco. It can reach our price targets of ₹75.5 and ₹77. Traders with a short-term view can buy the stock with a stop-loss at ₹70.80.

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

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get


 Getting recommendations just for you...
This article is closed for comments.
Please Email the Editor