Trending stock under Rs 100: NLC India

resr 5paisa Research Team 12th December 2022 - 02:17 pm
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The stock of NLCINDIA is extremely bullish and hit a fresh 52-week high on Monday.

NLC India Limited is engaged in the generation and supply of power. It is a midcap company with a market capitalization of about Rs 12300 crore. The stock is in limelight due to its recent run-up.

The stock of NLCINDIA is extremely bullish and had hit a fresh 52-week high on Monday. It had surged over 8% and closed nearly at a day’s high. In the past eleven trading sessions, the stock has jumped over 30% and recorded huge volumes during this period. On Monday, the volume was found to be greater than the 30-day and 50-day average volume indicating strong trading activity in the stock.

The 14-period daily RSI (75.64) is in the super bullish territory. Meanwhile, the trend indicator ADX (38.77) points northwards and indicates a strong uptrend of the stock. The MACD line continues to trade above the signal line and zero line, displaying the high momentum of the stock. The OBV shows similar characteristics as that of RSI and demonstrates strong strength from a volume’s point of view. The Elder Impulse system indicates a fresh buy while KST and TSI indicators indicate a bullish view of the stock. The stock is about 18% above its 20-DMA and 40% above its 200-DMA. Moreover, all the moving averages indicate bullishness. The stock is extremely bullish, as evident from the above points.

In the past month, the stock has generated over 38% and on a YTD basis, the stock has gained about 43%. Thus, the stock has outperformed the broader markets and its peers by a huge margin. The coal shortage in India during recent times has aggravates the demand for power generation and has ultimately benefitted the company. With ongoing bullishness, the stock is expected to test the levels of Rs 92, followed by Rs 95 in times to come. It possesses strong momentum and traders can expect quick bucks from this stock.

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