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NOCIL has made a bullish breakout on Monday. The stock was oscillating in wide sideway range ₹250-₹285 since mid-December last year. On Monday, the stock surged over 5 per cent breaking the range on the upside above ₹285. It has closed on a strong note. The region around ₹285 will now act as a strong support. Dips to this support are likely to get fresh buyers in the market.
NOCIL share price can rise to ₹300-₹305 in a week or two or even earlier than that. Traders can go long now at around ₹291. Accumulate on dips at ₹287. Keep a stop-loss at ₹281 initially. Trail the stop-loss up to ₹294 as soon as the stock moves up to ₹297. Move the stop-loss further up to ₹298 when the price touches ₹301. Exit the long positions at ₹305.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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