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NLC India share price has been consolidating sideways for almost two months now. The price action on the charts indicate that this consolidation could come to an end soon.
Immediate resistance is around ₹292. The bias is bullish for the stock to breach the resistance this week. The moving average cross over on the daily chart also strengthens the case for a bullish breakout. So, a break above ₹292 can boost the momentum and take NLC India share price up to ₹320 in the coming weeks.
Traders can go long now at ₹289. Accumulate on dips at ₹281. Keep the stop-loss at ₹268 initially. Trail the stop-loss up to ₹294 as soon as the stock goes up to ₹302. Move the stop-loss further up to ₹305 when the price touches ₹312. Exit the long positions at ₹320.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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