NCC- A good Bargain here?!1. Trendline & Support Levels:
A long-term upward trendline (dashed pink line) is drawn connecting significant lows.
The price recently tested the trendline support and rebounded slightly, indicating a possible buying interest at this level.
Historical bounces from this trendline (circled in purple) suggest it has been a strong support in the past.
2. RSI (Relative Strength Index) Analysis:
The RSI is currently at 27.05, which is in the oversold zone (<30).
Historically, when RSI reached similar levels, the stock rebounded.
The RSI-based moving average is 40.92, significantly above the RSI, suggesting potential weakness.
3. Price Action & Reversal Signs:
A sharp decline was observed, followed by a slight recovery, hinting at demand near the support zone.
The candlestick pattern near the trendline could indicate potential reversal or temporary consolidation.
4. Key Levels to Watch:
Resistance: Around 280-300 INR, where the stock previously faced selling pressure.
Support: Near 118-120 INR, which is a long-term horizontal support (dotted black line).
Conclusion:
The stock is at a crucial support zone and could bounce if buyers step in.
The oversold RSI suggests that selling pressure may be exhausted.
If it breaks below the trendline, it may test the 118 INR level.
If it holds and moves up, the next target could be 200-220 INR in the short term.
