Business
14h ago
NALCO: Strong Results + Strong Support = High Conviction Setup?
Hello Traders! 👋 Today I'm sharing my view on National Aluminium Company Ltd. (NALCO). Most of the time I only focus on price action, but this time one more thing caught my attention, the latest quarterly results. The company reported really strong growth in Revenue, EBITDA, Net Profit and EPS compared to last year. Good earnings don't always mean the stock will go up immediately, but when fundamentals start improving and the chart also looks strong, I always keep that stock on my watchlist. What I Like On This Chart: Price is trading near a major demand zone where buyers have already defended the stock multiple times. The stock is slowly building a base instead of making lower lows, which is a positive sign. Recent quarterly numbers were much better than last year, showing the business is moving in the right direction. If buyers continue defending this area, the stock may try to move towards the next resistance levels. I'm not saying this stock will suddenly start flying from here. Market can always surprise us. But when fundamentals and technicals both start supporting each other, I think it's worth paying attention. For me, this is more like a "watch closely" setup rather than chasing the price. All important support, accumulation zone, stop loss and target levels are already marked on the chart above. What do you think about NALCO? Do you believe the strong quarterly results can help the stock break out, or will it spend some more time in this range? I'd love to hear your opinion. If you found this analysis useful, don't forget to hit Boost, leave a comment and Follow for more market ideas. Disclaimer: This analysis is only for educational purposes and shares my personal market view. Please do your own research before taking any investment or trading decision. — @TraderRahulPal SCA Registered Financial Influencer
