Comments
Investors with a short-term perspective can buy the stock of Nandan Denim (NDL) at current levels. The stock is in an uptrend across all time frames — long-, medium- and short-term. Since taking support at a key base level of ₹40 in October, the stock has been in a medium-term uptrend. The stock’s corrective decline found support at ₹66 in January and started trading above this level.
On Tuesday, the stock gained 6.7 per cent with extraordinary volumes, breaking through an immediate resistance and the 21-day moving average at ₹71. With this rally, the stock appears to have resumed its primary uptrend. Indicators on the daily and weekly charts feature in the positive territory implying bullish momentum. The short-term outlook for the stock is bullish. It can continue its upward journey and reach our price target of ₹78 and then ₹80 in the upcoming sessions. Buy the stock with a stop-loss at ₹73.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.