Aditya Agarwala
On the weekly chart, Nilkamal has broken out from a consolidation channel and is approaching the upper end of the Triangle pattern placed at Rs 1,975 indicating bullishness building up in the stock.
A sustained trade above Rs 1,730 with healthy volumes can take the stock to the upper end of the pattern placed at Rs 1,975. Further, on the daily chart, it has taken support at the 61.8 percent Fibonacci retracement level and turned upwards affirming bullishness.
Moreover, RSI has witnessed a range shift after taking support at the 40-level entering the bull zone affirming bullishness. The stock can be bought in the range of Rs 1,705-1,710 for targets of Rs 1,895-1,975, keeping a stop loss below Rs 1,600.
Disclaimer: The author Technical Analyst at YES Securities (I) Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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