NALCO-the gap up show!

The exceptional item break up of 801.46cr ....
In the matter of disputed water charges between the Company and the Government of Odisha, both the parties vide minutes of meeting dated 8th
Dec'2017 have agreed for Rs . 58.18 crore as one time settlement towards arrear dues upto 31st Oct'2017 based on the principles outlined in the
Department of Water Resources (DoWR} Resolution no. 10066 dated 27th Apr'2017. Accordingly the excess liability for an amount of Rs . 785.70 crore provided upto 31st Mar'2017 is written back and taken to Income as exceptional item. The current year expenditure in this regard is also reduced by Rs .158.90 cr

two short term targets to be kept in mind, the lower top out level is the most likely and conservative target...
If by any chance the 200dma resistance is broken upwards, the higher top out level would be a target to book profits...

Disclaimer.. not an investing/trading recommendation... not invested in this company at present...
Comment: The Euphoria on write off of the liability and reduction of ecxpendition plus a good 22percent yoy 9m growth triggered a euphoria in sentiments and created an impulse, which was rejected by the 200DMA and a correction was triggered...

Then again the dividend payout changed the sentiments again and a massive impulse was generated which caused the price failure from the median line.. It will be an interesting observation what happens on the @nd approach to the 200dMA..
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