Technical Pick of the Week #11 - Nova Agritech Limited
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Aman Baheti
Price Action Analysis:
The stock gave a breakout above INR 50 and climbed to INR 66-67. The zone of INR 67-68 can act as a resistance for the next month. A breakout above INR 68 can put the stock above INR 75-80 zone.
Moving Average:
The 20EMA converged and started trading above the 50EMA since the last 2 weeks. The stock can stabilize in the INR 64-65 zone before advancing for another rally.
Bollinger Bands:
In the past week, the bollinger band has expanded 100%. The stock is trading around the upper band which indicates a bullish undercurrent.
Mool’s Outlook:
We anticipate a target of INR 80 in the stock in the next 8-9 months, which reflects a 22% upside in the stock.
Stop Loss should be maintained at 61
Disclaimer:
Mool Capital Limited is a SEBI Registered Research Analyst having registration no. INH000012449. This report has been prepared by Mool Capital Pvt. Ltd. and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. This document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report should not be construed as an invitation or solicitation to do business with Mool Capital. Mool Capital and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
The company was incorporated in 2007, Nova Agri Tech Ltd is an agri-input manufacturer offering soil health management, crop nutrition and crop protection products.
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