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The stock of NLC India rebounded last week on the back of the support at ₹232 last week backed by good volumes. It has bounced off this level two times in as many months and the price action shows good positive momentum. Although it is now hovering around the resistance at ₹260, we forecast the stock to breach this level soon.
Such a breakout will confirm a double-bottom pattern, a bullish indication. The chart shows potential for an upswing to ₹300 in the near-term. So, traders can buy NLC India shares now at ₹260 and place a stop-loss at ₹245. When the stock hits ₹275, revise the stop-loss to ₹260. Tighten the stop-loss further to ₹280 when the price rises to ₹290. Book profits at ₹300.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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