Stock Radar: 150% rally in 1 year! This aluminium stock hits fresh record high in November; time to buy?

Short-term traders can look to buy the stock for a target of Rs 280 in the next 3-4 weeks, suggested experts.

Synopsis

The aluminium company’s stock price surged from Rs 91 on November 10, 2023, to Rs 232 on November 11, 2024, marking an increase of over 150% in a year. The stock has been trending upward since retesting its 200-day EMA in August 2024, with the 21-DMA providing strong support since September. Most technical indicators are showing bullish signals, suggesting continued momentum.

National Aluminium Company Ltd (NALCO), a ‘Navratna’ company, has more than doubled investors’ wealth in the last 1 year and the chart pattern suggests that the rally may not be over yet.Short-term traders can look to buy the stock for a target of Rs 280 in the next 3-4 weeks, suggested experts.The price of the aluminium company stock rose from Rs 91 on November 10, 2023, to Rs 232 recorded on November 11, 2024, which translates into an upside

BY

ETMarkets.com

Nov 13, 2024, 10:00:00 AM IST

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