 "Buy NCC, Ashok Leyland, NMDC: Nirmal Bang")
Buy NCC above Rs 82.7 with Stop loss at Rs 78 for a target of Rs 90
Weekly chart indicates that the stock has given the breakout of the downward sloping trendline indicates positive view. The important oscillators RSI have turned positive which indicates limited downside potential.
Buy Ashok Leyland above Rs 93.9 with a stop loss at Rs 89 for a target of Rs 98
Interesting observation is that the prices are currently trading above the long term average 50-DMA / 100-DMA which is a bullish signal. Recently there has been a considerable rise in volumes.
Buy NMDC above Rs 102 with a stop loss at Rs 97 for a target of Rs 110
Daily chart suggests that the stock has witnessed good support around the 50-day SMA. The stock has made a bullish formation on the weekly chart with the RSI giving positive crossover on the weekly and daily charts indicating bullishness.
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Vikas Salunkhe is a senior technical analyst with Nirmal Bang
Disclaimer: Nirmal Bang Securities Private Limited (hereinafter referred to as “NBSPL ”)is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and MCX stock Exchange Limited. We have been granted certificate of Registration as a Research Analyst with SEBI . Registration no. is INH000001766 for the period 23.09.2015 to 22.09.2020.NBSPL or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst (in case any financial interest is held kindly disclose)NBSPL or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. NBSPL /analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst. The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.