ICICIdirect recommended Buy on National Building Construction Corporation (NBCC), with target price of Rs 530 against current market price in the range of Rs 445- 435.

Commenting on the investment rationale, the stock broker said," The share price of NBCC embarked upon a strong uptrend after registering a breakout past the 15 month rounding pattern above its 2013 high (Rs 187) during April 2014. A closer look at the price up move since March 2014 reveals that rallies are getting larger in magnitude while secondary corrections are shallow and time consuming affairs. It highlights that bulls remain in firm control of the medium term trend and augurs well for the share price, going forward."

"We believe the stock is set to resume its primary uptrend and head towards Rs 540 levels in the medium term. The price equality of current up move from the base of the triangle pattern (Rs 371) with the preceding up move projects upsides towards Rs 540 over a medium-term horizon .The 14 week RSI is seen breaking out from its short-term consolidation band of 55 to 45 readings along with the breakout on the price front. It indicates continuance of upward momentum in the near term," it said.

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