15 April 2024 – NBCC India’s stock has dropped 28% from this year’s record high. The Navratna PSU stock was trading at Rs 127 in the afternoon session today. It reached a record high of Rs 176.50 on February 5 of this year. NBCC’s stock, however, surged 232.55% in a single year and gained 55.28% in 2024.
The multi-bagger stock saw substantial volatility with a beta of 1.1 throughout the past year’s spectacular climb. Technically speaking, the NBCC stock’s relative strength index (RSI) is 58.1, indicating that it is neither trading in the overbought nor oversold range. The 20-, 50-, 100-, 150-, and 200-day moving averages are all higher than the current price of NBCC shares, but the 5- and 10-day moving averages are lower.
NBCC shares were down 4.87% to Rs 127 during the current session compared to the previous closing of Rs 133.50. The company’s market value dropped to Rs 22,860 crore.
Conclusion
“The stock has gained strength after the consolidation witnessed, and a decent pullback to move past the significant 50EMA level of Rs 119 has improved the bias to anticipate further rise in the coming days,” said Vaishali Parekh, Vice President, Technical Research, Prabhudas Lilladher.
