Technical Pick – NBCC
• NBCC is finding support at 209 and resistance above 218.
•On Daily chart, NBCC is showing breakout point above 218.Break and sustain above 218 will see nonstop rally in NBCC till 227--234++ in weeks to come.
• NBCC has been trading in a broader range of 133--219 for last one year.
• Daily 14 period RSI has turned up from near levels. As per the bullish high low theory of 40-70 levels, the daily RSI is expected to move up to 70- 75 levels from the current reading of 63. This could mean Continuation of upside momentum in the stock price ahead possibly a breakout also this time.
• Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 227--234+++mark in coming weeks. For positional trade, stop loss seeing below 209 on closing basis which in unlikely to breach in near terms.
Trading Recommendation
Buy NBCC above 218 and for the initial upside target of 227—234++ mark with stop loss below 209 on closing basis.
More will update soon!!
