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The short-term outlook for the stock of NCC is bullish. The one per cent rise on Thursday indicates that the upmove could be gaining momentum. Strong support is in the ₹98-97 region. The price action on the daily chart indicates that the stock is getting bought below ₹100. So, a fall below ₹97 is less likely. NCC’s share price has potential to rise towards ₹117-120 over the next three-four weeks.
Traders can go long now. Accumulate at ₹99. Stop-loss can be kept at ₹94. Trail the stop-loss up to ₹105 as soon as the stock moves up to ₹109. Move the stop-loss further up to ₹111 when the share price touches ₹115. Book profits at ₹118. The bullish view will go wrong if the stock falls below ₹98. In that case, ₹93-90 can be seen on the downside.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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