This BSE 500 stock poised for up to 17% upside; Axis Securities maintains target price at Rs 129
According to analysts, the NBCC share price could rally up to 17 per cent in the short term, backed by a bullish pattern and rising momentum indicators.
NBCC (India) Ltd, a civil construction stock from the BSE 500 index, is making headlines as analysts spot a strong technical breakout on the charts.
NBCC Share Price Technical Analysis: Breakout confirmed
According to the brokerage, NBCC stock has shown a bullish breakout on the weekly chart, surpassing the neckline of an inverted head and shoulders pattern—a signal of a trend reversal in technical analysis.
“The breakout is supported by a strong bullish candlestick and a surge in trading volume, confirming the reliability of the pattern,” said analysts at Axis Securities.
Momentum indicators support NBCC bullish view
The Relative Strength Index (RSI) on the weekly chart has moved above 50 and broken through a falling trendline, the brokerage said.
This positive momentum setup increases the likelihood of further upside in the NBCC share price.
Should you buy NBCC shares now?
Axis Securities has recommended buying NBCC shares, setting near-term targets of Rs 123 and Rs 129, implying a potential upside of 17.27 per cent from the stock’s Friday closing price.
The stock is trading near its long-term averages, with the 20-day Simple Moving Average (SMA) at Rs 98 and the 200-day SMA at Rs 100—offering a balanced risk-reward profile.
The weekly RSI at 61.90 suggests continued strength without entering overbought territory (above 70).
NBCC 52-week high and low
Over the last 12 months, NBCC shares have traded between Rs 70.80 and Rs 139.80.
(Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.)