NOCIL testing upper resistance on daily basis(Possible Breakout)

NOCIL is a specialty chemical company and is related to rubber manufacturing chemicals. With the auto sector starting to resume business, the demand for these chemicals by tire manufacturing companies with gain traction. Fundamentally it is a good stock.

• Currently, it is trading in a zone and testing the upper resistance regularly as per the 4hourly chart. 

  
• In the last 3 trading sessions, the script has crossed its 50 and 100 days EMA
.
  
• Volumes have also marginally increased in near term
  
• It seems there is a probability of breakout and the stock reaching the levels of 98 in the near term.
  

The stock has good fundamentals (check on tickertape) as it meets all the investment checklist and available at lower valuation hence can be held for mid to long term for stable gains.
CNBC has recommended the stock for long aswell.


(Please note these are my personal views and for information purpose only. Invest at your own risk.)