Shares of NBCC (India) are trading below the Rs 100 mark for the second straight session today. NBCC stock is trading in the red zone, indicate its short term and long term moving averages. The stock is trading below the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages. At the current level, the stock is down 32% from its record high of Rs 139.90 on August 28, 2024. In today's session, NBCC shares hit an intraday low of Rs 92.85, down 4% against the previous close of Rs 96.70 on BSE.
The stock is oversold on charts with its RSI slipping to 24.4, indicating there are more sellers than buyers for the stock in today's session.
On the other hand, shares of NBCC have zoomed 127.63% in a year and gained 339.42% in two years. The multibagger stock has a beta of 1.6 in the last one year indicating very high volatility. Market cap of the firm slipped to Rs 25,609 crore today. Total 12.87 lakh shares of the firm changed hands amounting to a turnover of Rs 12.38 crore on Wednesday.
Mandar Bhojane, Equity Research Analyst, Choice Broking advises to avoid long term positions in the stock. Traders can adopt 'sell on rise ' strategy.
"NBCC is currently exhibiting signs of weakness, with strong bearish momentum pushing the stock downward. The price has experienced a sharp decline, breaking below key short-term moving averages, which indicates increased selling pressure. The formation of a long bearish candle in recent sessions suggests the possibility of further downside if current levels fail to hold. The Relative Strength Index (RSI) stands at 24.84, indicating that the stock is in oversold territory. While this may hint at the potential for a technical bounce, it also implies that the downward momentum may not yet be fully exhausted. If NBCC fails to sustain above its 200-day moving average, further downside toward lower support levels could be expected, with the next key support around the Rs 90 mark. On the upside, resistance is seen in the Rs 104-110 range. Given the overall bearish outlook, it would be wise to avoid long positions until there are clear signs of a reversal. Traders may consider a 'Sell on Rise' strategy, entering short positions if the stock rises toward Rs 104, with a target near the Rs 97 zone and a stop-loss set above Rs 105," said Bhojane.
Jigar S Patel from Anand Rathi said , "NBCC stock's support will be Rs 93. A decisive move above the Rs 102 level may trigger a further upside to Rs 106. The expected trading range will be between Rs 90 and Rs 106 in the short-term."
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."
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.