Can I buy NCC, although it is near 52-week high levels?
BUY NCC ABOVE RS 118
- Susil Kumar
NCC is currently trading at Rs 1105. Its 52-week high/low stand at Rs 114/Rs 71.20 made on November 1, 2017 and November 9, 2016, respectively. The November 1 session was the fifth consecutive upbeat on the weekly time frame. This sharp upward rally of nearly 38-40% in 5 weekly sessions is supported by justifiable volumes. Now that the RSI is in the overbought zone at 72 levels, the stock may see some profit-booking at the end of the current week. The stock is also approaching its multi-year major resistance at Rs 118 level. Considering the daily time frame, the stock witnessed a breather of four sessions and is again set for another rally. Hence we suggest you to enter the stock above Rs 118 level on a closing basis for the long term.
- Vadde Jaya