Nicholas Piramal may remain bullish

Deepak Singh Tanwar

The performance of Nicholas Piramal stock has been impressive in the recent past. The stock has been posting higher bottoms. In fact, the latest move upto Rs 351 is a clear break-out on the upper side and hints at a rally. On several occasions in the past few months, the stock has faced a strong resistance at this level. The latest move now makes this as a strong support level.

The next resistance for the stock is very far at Rs 434 and offer an ample room for further appreciation. The formation of higher bottoms has also helped the moving average to enter into a positive mode. The position of oscillators has also improved and points toward a northward journey. Long position can be taken at the current levels for 10-12 per cent gains in the coming weeks.

Top

Printer-friendly page