NRB Bearings
Investors with medium-term perspective can consider buying the stock of NRB Bearings . 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. . I also note that there has been an increase in volume. I am bullish on the stock from a medium-term perspective.
I 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. I will soon post a detailed report on this company
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