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The stock of National Aluminium Company has begun a fresh leg of uptrend this month. It took support at ₹186 and rallied over the past week. On Monday, it broke out of the resistance at ₹200 and hit a record high of ₹209.60. The chart is clearly bullish and the decline in price on Tuesday is mostly likely to be a corrective fall. We expect the stock to resume the uptrend and appreciate to ₹225 in the near-term.
Therefore, traders can go long on National Aluminium Company now at ₹204 and accumulate at ₹200. Place initial stop-loss at ₹196. When the price touches ₹212, trail the stop-loss to ₹205. Tighten the stop-loss further to ₹215 when the price hits ₹220. Liquidate the longs at ₹225 as there might be a correction from this level.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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