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We recommend a buy in Praj Industries at current prices. From the weekly chart of Praj Industries, we see that it has been in a medium-term consolidation in the range between Rs 170 and Rs 270 since its life high, recorded in July. The stock’s recent decline, which commenced from the upper boundary, was arrested around Rs 185. We note that the daily momentum indicator has entered the neutral region from the bearish zone (below 40 levels), indicating a buy signal. Imm ediate support for the stock is at Rs 185 level and the subsequent support is at Rs 170 levels. The nearest resistance for the stock is at Rs 230 and next is at Rs 250 levels. Our medium-term outlook for the stock is bullish and expect it to move up to Rs 250, with minor pause around Rs 230 level. Investors with medium-term time frame can buy the stock with stop loss at Rs 180.

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