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Stock Radar: 20% down from highs! This aluminium stock is showing signs of bottoming out. Time to buy?

Stock Analysis

Short-term traders with a high-risk profile can look to buy the stock for a target of Rs 212-216 in the next 1-2 months, suggested experts.

Synopsis

NALCO’s stock price reached a peak of Rs 263 on November 25, 2024, before declining to Rs 198 by January 16, 2025, marking a drop of over 24%. The stock broke through key short- and long-term moving averages in recent months but found support above the 200-day exponential moving average on daily charts. Despite the sharp decline from November 2024, it held steady above the 50 and 55-EMA on weekly charts. Over the past month, the stock fell by more than 7% and has dropped over 6% in the last three months. However, it has gained more than 40% over the past year, according to Trendlyne data.

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