Buy NB Ventures for target of Rs 445: IIFL

MUMBAI: IIFL has advised traders to buy NB Ventures for target of Rs 445.

“After closing above Rs 430 levels, NB ventures is all set to resume its uptrend once again as levels of Rs 430 was acting as stiff resistance for couple of weeks now. On daily chart, this move has also signaled a breakout from a falling wedge pattern.

Falling wedge is generally earmarked as bullish pattern where price breaks out on upper side after trading activity turning laggard. MACD holding above the zero reference line and positive crossover also supports bullish argument in this counter. We suggest buying stock in range of Rs 425-430 for target of Rs 445, stoploss to be placed at Rs 424,” the report said.

Note: Trading idea valid for time period of 1-3 days.