loader2
  • CMP : 177.6 Chg : -1.76 (-0.98%)
  • Buying Range : 80-83
  • Target : 94.0 (15.34%)
  • Stoploss : 76.0
  • Target Period : 3 Month

13 Jan 2023

Breakout above six months base formation

Nalco weekly

TECHNICAL_INFOGRAPHIC_1
Technical Outlook
The Nifty Metal index regained its upward momentum in past few sessions led by expectations of higher prices amid China reopening and sharp decline in dollar index. Index is currently poised for a breakout from nine month consolidation and mid/small metal players are seen catching up their large cap peers
 
We remain constructive on National Aluminium as the stock logged a breakout above the last six months base formation indicating conclusion of corrective phase that augurs well for resumption of up trend
 
In the smaller time frame the stock has witnessed a faster retracement of the last 15 weeks decline (₹ 83-70)  in just three weeks and the base of the entire six months rectangular consolidation is placed at the 200 weeks EMA signalling positive price structure
 
We expect the stock to maintain positive bias and head towards ₹ 94 levels in the coming months being the 80% retracement of the May-June 2022 decline (100-67)

Other product open recommendations

Date Product Scrip Name Market Strategy RP Target Stoploss Time Frame
30-12-2022 Momentum Pick Gujarat Pipavav Cash Buy 102 116 94 30 Days
02-01-2023 Momentum Pick HEG Cash Buy 1070 1145 1012 14 Days
06-01-2023 Momentum Pick Balmer lawrie Cash Buy 132 142 123 14 Days
13-01-2023 Momentum Pick GMDC Cash Buy 157 169 148.5 14 Days
13-01-2023 Momentum Pick Mahindra CIE Cash Buy 379 408 356 14 Days
13-01-2023 Momentum Pick Texmaco Rail Cash Buy 59 62 56 7 Days
- - - - - - - - -
Source: Company, ICICI Direct Research

Disclaimer

We/I, Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, Pabitro Mukherjee, Vinayak Parmar Research Analysts, authors and the names subscribed to this report, here by certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensations, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this... 

Read More