NAN­DAN DENIM .............................. BUY ....................... CMP ₹171

BSE Code : 532641 Tar­get 1 ..... ₹186 | Tar­get 2 ..... ₹195 | Sto­ploss .... ₹157 (CLS)

Dalal Street Investment Journal - - TECHNICALS -

The stock of Nan­dan Denim is cur­rently trad­ing at ₹171.50. Its 52-week high and low stand at

₹186.65/ ₹105.40 made on Oc­to­ber 10, 2017 and Novem­ber 22, 2016, re­spec­tively. Con­sid­er­ing the weekly time frame, the stock has given a multi-year re­sis­tance break­out at ₹165 on a clos­ing ba­sis with huge vol­umes dur­ing mid-oc­to­ber 2017, tak­ing the rally up to ₹186.65, which is its 52-week and all-time high level. There­after, the stock cor­rected up to 61.8% re­trace­ment level of the prior rally. In the re­cent week, the stock has bounced back yet again, form­ing a kind of pro­longed flag pat­tern break­out. The vol­umes have just started ris­ing and the 14-pe­riod RSI has given a pos­i­tive cross­over, but it is trail­ing at 58 which is near the 60 level, i.e. the mo­men­tum level. With this, we rec­om­mend a Buy in the scrip at ₹172-176 lev­els for a tar­get

₹186, fol­lowed by ₹195 and for a stop loss of

₹157

(Clos­ing price as of Nov 8, 2017)

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