amankavi
Long

Nelcast : Investment stock (Can rebound)

NSE:NELCAST   NELCAST LTD
Scrip can rebound back from support levels after bearish engulfing candlestick in play however scrip has managed to rebound back with small white candlestick in play. Confirmation is yet awaited to enter for short/long duration

A bearish engulfing pattern is a chart pattern that consists of a small white candlestick with short shadows or tails followed by a large black candlestick that eclipses or "engulfs" the small white one. As implied by its name, a bearish engulfing pattern may provide an indication of a future bearish trend .

Rest in charts.

Bullish momentum sign
1) RSI indicator in uptrend
2) Sign of investors holding with large BH             candlesticks as scrip hasnt corrected too much in spite of volatility
3) Fundamentally sound company which has managed to reduce debts henceforth decrease in finance costs in their Q3 results which has eventually increased their PAT/Regularly paying taxes/Sales growth
http://equitybulls.com/admin/news2006/news_det.asp?id=223237
4) Macro factors should also support the growth history like increase with government thrust on infrastructure as the infrastructure has stayed in recession since long so likely to uplift now, M&H CV segment already seeing growth in volumes
https://news.steel-360.com/growing-demand-foundry-sector/

Aiming towards TP- resistance zone and beyond thereon after entry confirmation until the scrip sustains above support levels.

SL as per risk appetite

https://www.screener.in/company/NELCAST/


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