with a market valuation of 15,354.24 crore, National Aluminum Company Limited (NALCO) is a Navratna CPSE company. It is one of the largest integrated bauxite, alumina, aluminum and power generating companies in the country. Brokerage company ICICI Securities is bullish on the stock as it claims that NALCO on Friday has given a breakout above six months, indicating resumption of rectangular consolidation to the upside and an uptrend along with fresh entry opportunities. And provides weekly RSI in rebounding. Its nine-period moving average thus validates the positive bias. Research analyst at ICICI Securities has a buy recommendation on the stock in the price range 80-83, and maintain stop loss 76.00, and has set a target price of 94.00. The brokerage has set a target frame of 3 months for the stock to reach its target price.
“Nifty Metal index recovered its upward momentum in last few sessions on expectation of higher prices amid China reopening and sharp fall in dollar index. The index is currently poised to breakout from nine months of consolidation and mid/small metal players are seen catching up to their large cap peers. We remain positive on National Aluminum as the stock has broken above the base formation of last six months, indicating the end of the corrective phase, which augurs well for the resumption of the uptrend.
“The stock has seen a bullish retracement of last 15 weeks lows in smaller time frame ( 83- 70) in only three weeks. The full six-month rectangular consolidation is based on the 200-week EMA, which indicates a positive price structure. We expect the stock to maintain positive bias and move up 94 level in coming months as it is 80% retracement of May June 2022 decline (100-67),” claimed the analysts.
The Company has informed the Stock Exchanges stating that “In pursuance of Regulation 29 of the SEBI (LODR) Regulations, 2015, you are hereby informed that the meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, January 17, 2023 Inter alia, to consider interim dividend, if any, for the financial year 2022-23.”
NALCO shares closed on NSE today Closes at 83.60, up 0.48% from previous close 83.20. The stock recorded a total volume of 14,008,284 shares as compared to 20-day average volume of 16,155,142 shares.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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