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The short-term outlook is bullish for NCC. The stock had risen 2 per cent on Wednesday. Immediate support is at ₹167. Below that ₹160-158 will be a lower but very strong support zone. The price action over the last week indicates that the stock can sustain very well above ₹167 itself. However, even if a fall below ₹167 happens, the downside can be limited to ₹160. NCC share price can rise to ₹185-190 over the next three-four weeks.
Traders can go long now. Accumulate on dips at ₹168 and also at ₹162, if a fall below ₹167. Keep a stop-loss at ₹157. Trail the stop-loss up to ₹174 as soon as the stock moves up to ₹178. Move the stop-loss further up to ₹183 when the price touches ₹186. Exit the long positions at ₹190.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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