NALCO share price gains 4%, analysts see further upside

On the monthly timeframe, NALCO has formed a large bullish candlestick, which resembles a Bullish Engulfing pattern with a higher highs and higher lows formation, which is a positive sign

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National Aluminium Company (NALCO) was trading almost 4 percent higher on March 17 afternoon after days of consolidation and formed a long bullish candle on the daily charts.

After a big bullish candlestick on March 1, the stock consolidated and remained sideways for 10 trading sessions.

On March 1, it saw a breakout of downward sloping resistance trendline adjoining highs of January 19 and February 23. The same trendline acted as a support in the previous 10 sessions. During the March 1 and March 17 period above average volumes were seen in most sessions.

The stock is trading well above all key moving averages (9, 21, 50, 100 and 200-day exponential moving averages), which is another positive sign.

Experts expect the stock to go past Rs 90 in the coming sessions once it takes out the high of January 19 (Rs 86.55).

At 2.17 pm, NALCO was trading at Rs 84.95 on the NSE, up 3.6 percent from the previous close.

“The stock has been forming a base since last month with the recent price action forming higher lows. The stock is currently trading above its 21 and 200-day EMAs, which augurs well for bullish momentum,” Viraj Vyas, Technical & Derivatives Analyst – Institutional Equity, Ashika Stock Broking, said.

A sustained break above the previous swing high of Rs 86.50 would aid an upmove towards Rs 93-95 zone, he said.

On the weekly scale, too, the stock formed a long bullish candlestick with long lower shadow, indicating support-based buying in the stock at lower levels.

“The stock is trading near three-month high, indicating positive undertone of the stock. On the weekly charts, the stock has maintained higher top, higher bottom formation and sustaining above its 20-week SMA, which shows bullish strength of the stock,” Vidnyan Sawant, AVP – Technical Research, GEPL Capital, said.

The momentum indicator relative strength index (RSI) has been sustaining above 55 on the weekly charts, indicating positive momentum.

Resistance is at Rs 99 and Rs 125 and support is at Rs 75 followed by Rs 70. One can buy or hold the stock for a potential target of Rs 125 with a strict stop-loss of Rs 70 on the closing basis, Vidnyan said.

On the monthly timeframe, NALCO formed a large bullish candlestick, which resembled a Bullish Engulfing pattern, with higher highs and higher lows, which is a positive sign.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.