NRB Bearings Stock has the Potential to Rally to Rs 65 in the Coming Weeks
Investors with medium-term perspective can consider buying the stock of NRB Bearings (Rs 56.4). The company manufactures a wide range of needle rollers, bushes, cages and bearings. The stock bottomed out in early 2009 taking long-term support in the range between Rs 13.5 and Rs 15. Since then the stock has been on a long-term uptrend forming higher peaks and troughs. The stock, however, met with a long-term resistance (2006 peak) at Rs 65 in early November 2010 and was on a short-term correction. Twin supports (medium-term uptrend-line and long-term support) at Rs 50 arrested the stock's recent correction in late November. Later on, NRB Bearings gradually moved higher and it breached its 21-day moving average by gaining 4 per cent on December 23. Further, it managed to close firmly above its immediate resistance level on Friday. We note that there has been an increase in volume in the past two trading sessions. Both daily and weekly relative strength indices, which determine the speed an alteration of price movements, are on the brink of entering the bullish zone from the neutral region. Daily moving average convergence divergence oscillator has signalled a buy. Moreover, price rate of change indicators are featuring in the positive territory implying buying interest. We are bullish on the stock from a medium-term perspective.
We believe that NRB Bearings stock has the potential to rally to our price target of Rs 65 in the coming weeks. Investors with medium-term perception can consider buying the stock with Rs 52 as stop-loss.
Follow up – HEG (Rs 271.1)
The stock moved sideways and finished the week down Rs 4. We reiterate our bullish medium-term outlook on the stock with price target of Rs 310 and stop-loss at Rs 258 levels.
Yoganand D.
BL Research Bureau
(This recommendation is based on technical analysis. There is a risk of loss in trading.)
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