Investors with a short-term horizon can buy the stock of Nocil at current levels. On Tuesday, the stock gained 4.6 per cent accompanied by above average volume and closed above the 21-DMA.
The stock is currently in a corrective rally. There has been an increase in volume over the past four trading sessions.
Taking a contrarian stance, the short-term outlook appears to be bullish for the stock.
It can continue to trend upwards and reach the price targets of ₹100 and ₹102.50 p in the forthcoming trading sessions. Traders can buy the stock of Nocil with a stop-loss at ₹93.5 levels.
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