NALCO may test Rs 44, says Kunal Bothra

Kunal Bothra of LKP told CNBC-TV18, "I have been bullish on NALCO for last couple of weeks. Looking at the chart patterns, the kind of resurgence this stock particularly has had, I believe that it is actually starting a very strong uptrend. The stock has not broken the 200-day moving average and that is the only catch." "I believe that if the chart only has to develop from a longer-term perspective then it has to break that convincingly with decent volumes. So from trading perspective, I would be looking at target of Rs 44 on NALCO and look for a stop loss of Rs 38, so a risk reward of almost 1:2," he said.