Shares of NBCC (India) fell below the Rs 100 mark today for the first time after June 10 this year. The stock had closed at Rs 95.27 on June 10. In the current session, NBCC shares hit an intraday low of Rs 96.35 against the previous close of Rs 102.55 on BSE. The stock slipped 6% on Tuesday even as the PSU Navratna firm won work orders worth Rs 127.50 crore. It also won a work order worth Rs 1322.48 crore today.
The stock has entered the bear zone with RSI slipping to 29.5, indicating that the stock is oversold and there are more sellers than buyers for the stock in today's session.
Shares of NBCC have zoomed 112.74% in a year and gained 351% in two years. However, the multibagger stock has a beta of 1.6 in the last one year indicating high volatility. It has fallen 30% from 52 week high of Rs 139.90 reached on August 28, 2024.
NBCC shares are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.
Market cap of the firm slipped to Rs 26,136 crore today.
Total 7.57 lakh shares of the firm changed hands amounting to a turnover of Rs 7.43 crore on Tuesday.
Ameya Ranadive, Chartered Market Technician, CFTe, Senior Technical Analyst at StoxBox said, "Technical indicators suggest that NBCC is now at a crucial juncture, with the Relative Strength Index (RSI) falling to 25, indicating the stock is in oversold territory. This presents a potential opportunity for a rebound, provided the stock holds the critical support level of Rs 97. A sustained move above Rs 97 could trigger an upward momentum, with short-term targets ranging between Rs 112 and Rs 120, offering a favorable risk-reward ratio for investors. However, if NBCC fails to maintain this level and dips below Rs 92, the bullish outlook may be negated, signaling further downside risks."
Abhijeet Ramachandran, independent Sebi registered analyst said, "NBCC is bearish but also oversold on the Daily charts with strong resistance at Rs 108.9. A Daily close above this resistance could lead to target of Rs 124 in the near term. Next support will be at Rs 91.7."
NBCC (India) Limited provides value added services. The company operates through three segments: Project Management Consultancy (PMC), Real Estate Development, and Engineering Procurement and Construction (EPC). PMC segment is engaged in civil construction projects, infrastructure works for the national security, infrastructure projects for the civil sector, and project implementation for Pradhan Mantri Gram Sadak Yojna (PMGSY) and developmental work in Northeastern Region.