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The shares of Redington India surged 4.7 per cent on Thursday, thereby extending its weekly gains to 11.5 per cent. The rally this week has decisively breached a key resistance as well as the upper boundary of the sideways consolidation around ₹105. Investors with a short-term perspective can buy the stock.
The stock is in a strong long-term uptrend ever since recording a low of ₹48 in October 2013. After a five-month sideways movement, the stock has resumed its primary uptrend. The short-term outlook is bullish for the stock. It is hovering well above its 50- and 200-day moving averages. There has been an increase in volumes over the past three trading sessions. The daily and weekly relative strength indices are featuring in the bullish zone backing the short-term uptrend. Other indicators on the daily chart are hovering in the positive territory, implying upward momentum. The stock’s current rally can continue and reach the price targets of ₹119.5 and ₹122. Buy the stock with a stop-loss at ₹112.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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