Gaurav Ratnaparkhi of Sharekhan has a buy call on National Aluminium Company (Nalco) with a target price of Rs 73.The current market price of Nalco is Rs 66.40.Time period given by the analyst is two weeks when Nalco price can reach the defined target.
Gaurav Ratnaparkhi recommended keeping a stop loss at Rs 64.30."For last few sessions, the stock has been trading in range bound manner.
This has resulted in a running triangle pattern formation on the hourly chart.
The pattern is about to break out on the upside.
Also, the hourly momentum indicator is starting a new cycle on the upside from the equilibrium line.
So, this is a good stock to buy from short to medium term perspective," Ratnaparkhi said in a report.
National Aluminium Company, incorporated in the year 1981, is a midcap company (having a market cap of Rs 12,950.62 crore) operating in the metals (non-ferrous) sector.