This stock soared 7% in three trading sessions! Know the targets here
During the initial hours of Wednesday’s trading session, the stock has gained over 2% and recorded above-average volume.
Shares of NAM-INDIA have seen a huge upside recently, having gained about 7% from its recent swing low of Rs 272.30 in just three trading sessions. During the initial hours of Wednesday’s trading session, the stock has gained over 2% and recorded above-average volume. The volume is found to be greater than the 10-day and 30-day average volume. Interestingly, the stock has seen a breakout from its falling trendline on the smaller timeframes. It is undergoing a major downtrend recently and has plunged over 45% from its all-time high. However, it has seen a good bounce from its 20-DMA.
After three days of continued bullishness, the technical parameters have indicated an improvement in the stock’s strength. The 14-period daily RSI (52.12) has witnessed a jump from its oversold region and shows good improvement. The MACD histogram is positive, which is a bullish sign. The On Balance Volume (OBV) has seen a breakout from its falling trendline and indicates strong strength from a volume’s perspective. Meanwhile, the Elder Impulse System has indicated a fresh buy in this stock.
Despite underperforming for a longer period, the stock has seen a good jump from its oversold region and is up over 5% in one month. The short-term trend is bullish, and the stock is expected to trade higher in the coming days It can test the levels of Rs 300, followed by Rs 315 in short term. However, a fall below the 20-DMA level of Rs 278 shall negate this view. Meanwhile, traders can include this stock in their watchlist to track further development.
Nippon Life India Asset Management Ltd is an AMC, which manages equity and fixed income mutual funds for its clients. It manages exchange traded funds and also invests in the public equity markets. With a market capitalization of about Rs 18000 crore, it is one of the popular midcap stock in its sector.
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DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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