NBCC, Voltas, Deepak Nitrite: Know the trading strategies with targets and stop-losses

ICICI Securities highlights NBCC has generated a breakout above the falling trendline joining the last three weeks highs, signalling resumption of up move and offers fresh entry opportunity. It is seen rebounding taking support near the 50 days EMA and the 61.8% retracement of the previous up move signalling strength and positive bias.

NBCC share price has already taken 14 sessions to retrace just 61.8% of the preceding 11 sessions up move. A slower retracement signals a robust price structure and higher base formations. The daily 14 periods RSI is at the cusp of generating a bullish crossover above its nine periods average thus supports the positive bias. ICICI Securities expects the stock to continue with its current up move and retest the current 52 week high placed around Rs 54 levels in the coming sessions.

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ICICI Securities recommends buy on Voltas with stop loss of Rs 990 and target of Rs 1010 – Rs 1021. The Price is forming a base at 50 day EMA & higher high on daily charts, signalling further northward journey in coming sessions.

ICICI Securities says Deepak Nitrite indicates Bullish Flag breakout, suggesting further upsides in coming sessions. The stock should be bought in the range of Rs 1635 – 1639 with stop loss of Rs 1621.8 and target of Rs 1651.80 and Rs 1667.

Going ahead, ICICI Securities expect the index to resolve higher and gradually retest lifetime highs of 15430 in coming weeks. Key point to highlight is that, despite a host of negative news, the index managed to hold 14400 twice during the past two weeks (on a weekly closing basis), highlighting inherent strength. Subsequently, Tuesday’s swift up move helped the index to decisively close above immediate resistance of 14800 backed by across sector traction, indicating broader market participation. ICICI Securities believes the next leg of the up move towards 15400 would not be in a linear manner as intermediate pullbacks cannot be ruled out. Hence, traders can use volatility to their advantage to build long positions by accumulating quality large cap and midcap stock.