NLC INDIA EQ: Overview for Investment Strategy

The blog gives you a summarized analysis of NLC INDIA’s trending pattern and outlook.

The stock has been quite optimistic and is seen moving upwards for the last three weeks without enabling any kind of selling pressure.

On a weekly chart, the stock has taken good support at 61.8% Retracement Level at 49.80 levels and bounced back further with a high at 68.60 in recent week i.e. more than 35% rally in just six weeks.

The stock has also shifted above 200-weeks EMA, which indicates a bullish momentum for the long term.

On the daily chart, the price has confirmed the ‘Trendline’ breakout and moved upwards with higher volume. Simultaneously, the price observed a shift above Upper Bollinger Band formation & 50-days SMA, which supports the bullish move in the stock.

A momentum indicator of ‘RSI’, ‘Stochastic’ & ‘MACD’ is supporting the bullish trend along with the positive crossover on the daily timeframe.

As per the above technical parameters, we are expecting a bullish move in the stock for the target at 80/90 levels while on the downside; the support comes at 55/60 levels.