Nifty Outlook
Nifty rose for the 9th straight session, to close at 10548. From the bottom of 9951, Nifty has risen more than 6% in the span of 15 sessions. By touching 10560, Nifty has completed the 50% retracement of the entire fall seen from 11171 to 9951. Above 10560, we can expect Nifty to extend the gains towards 10705, which happened to be 61.8% retracement. Nifty has been sustaining above its 50 DMA, and same is likely to provide support at 10380 odd levels.
BUY NCC
CMP: Rs 134.65
Stop Loss: Rs 128
Target: Rs 146
The stock price has surpassed the crucial double top resistance, placed at 133 odd levels. The stock has been forming higher tops and higher bottom on the daily and weekly charts. Volumes have gone up significantly along with the price rise. Short term moving averages are trading above medium to long-term moving averages. Oscillators like MACD, RSI and DMI have been showing strength in the existing bullish strength. We recommend buying NCC for the upside target of 145, keeping SL at 128.
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