MUMBAI: India Infoline has advised traders to buy Nagarjuna Constructions for target of Rs 168.

“Nagarjuna Constructions has been consolidating between the range of Rs 141-157 since last three weeks. On Tuesday, it broke out from the above mentioned trading range. The daily RSI is exhibiting strong positive divergences, which suggests that the sideways movement is over and that the trend should pick up from the current levels.

Volumes have shown a smart increase in the past few sessions, which suggests accumulation at lower levels. If it sustains above Rs 158-159 levels, the trend would turn positive from a short-term perspective and pave the way for a rally towards Rs 170.

We recommend traders to buy at current levels and on decline up to levels of Rs 155 with a stoploss of Rs 150 for a target of Rs 168,” said the technical note.