Investors with high risk appetite can consider buying the stock of MT Educare at current levels. Since taking support at ₹74 in early March, the stock has been on an intermediate-term uptrend. The short-term trend is also up for the stock. On Tuesday, the stock jumped 5 per cent with good volumes forming a bullish engulfing candlestick pattern at a key support level at ₹130. This support also coincides with the intermediate-term uptrend-line which is intact. The stock is likely to breach its 21- and 50-day moving averages.
Both daily and weekly moving average convergence divergence indicators are hovering in the positive territory backing the uptrend. Our short-term forecast is bullish. The stock can continue its rally and reach the price target of ₹144 and ₹148 in the ensuing trading sessions. Buy the stock with a stop-loss at ₹136.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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