The stock subsequently changed direction triggered by positive divergence displayed in the daily price rate of change indicator. On December 22, the stock jumped 5 per cent accompanied with high volumes, breaching its 21-day moving average and reinforcing the bullish momentum. The long- and medium-term trends for the stock are up. Daily relative strength index is rising in the neutral region towards the bullish zone and weekly RSI is likely to re-enter the bullish zone from the neutral region.
The daily moving average convergence-divergence oscillator has signalled a buy and the price rate of change indicator has entered into positive territory implying buying interest. We are bullish on the stock from a short-term horizon. We expect it to move higher until it reaches our price target of Rs 225 in next couple of weeks. Short-term traders can consider buying the stock with stop-loss at Rs 174.
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