Published on 13/09/2017 4:24:51 PM | Source: Choice Broking

Buy Nelco Ltd For Target Rs.112.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report | #Telecom Sector #Trading Report #Nelco Ltd #Choice Broking


* On a daily chart, the stock has been trading as per the Momentum Triple Pattern theory which suggests bullish sentiments in the counter.

* On a weekly chart, the stock has breached above the 50% Fibonacci Extension level of its last swing (76.90-115-84.10) which indicates a further upside movement in the counter.

* On an hourly chart, the stock has given a breakout of the neckline of the Inverted Head & Shoulder formation with forming the strong bullish candlesticks which is a bullish reversal pattern.

* A daily momentum indicator RSI reading is at 63.45 level, trending above its average line and heading towards the overbought zone which points out for a positive breath in the stock.

* Based on above technical structure, we are expecting a good upside movement in the counter for the upcoming trading session.

 

Recommendation

Buy Nelco Ltd @ 103.30-104.35 StopLoss 100 Target 112

 

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