The short-term outlook for the stock of NLC India is bullish. The price action on the charts indicate that the stock could be gearing up for a fresh rally. The 21-Day Moving Average (MA) has been providing strong support and limiting the downside consistently. The 21-Day MA is currently at ₹86.90.
Any dips to this support is likely to get fresh buyers into the market. NLC India can rally to ₹98-100 in the next couple of weeks and even up to ₹105 over the next four weeks. Traders can go long now and accumulate at ₹88. Keep the stop-loss at ₹85. Trail the stop-loss up to ₹94 as soon as the stock moves up to ₹96.
Move the stop-loss further up to ₹96 when the stock touches ₹98 on the upside. Book profits at ₹100.
Note: The recommendations are based on technical analysis. There is risk of loss in trading
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