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Buy Nava Bharat Ventures, target Rs 163

We have a buy recommendation for Nava Bharat Ventures which is currently trading at Rs 145.60 for target of Rs 163.

 

Nava Bharat Ventures traded in a positive trajectory on its weekly price chart post its correction from its 52-week high of Rs 184 levels. It took a strong support at Rs 120 levels.
Despite a muted market breath, the scrip witnessed a strong momentum as it managed to break out from its multi-long moving average level of 200-50-days.
It also witnessed a substantial volume breakout on the weekly chart which indicates an upward trend. On the weekly price chart, the scrip registered a solid bullish candlestick pattern indicating a sustained rally post current breakout from crucial level.
Further, the weekly RSI is placed at 58 which suggests a buying regime at a current level along with positive cues from MACD suggesting an upward shift.
The stock is likely to face resistance around Rs 168 while support level is placed at Rs 288. We have a buy recommendation for Nava Bharat Ventures which is currently trading at Rs 145.60 for target of Rs 163.
MORE WILL UPDATE SOON!!
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