Conclusively breaching its key resistance at ₹198, DEN Networks rose 3 per cent on Thursday. This reinforces bullish momentum and gives short-term traders an opportunity to buy the stock at current levels.

Since taking support at ₹132 in late February, the stock has been on a medium-term uptrend. The short-term trend has been up from early May, backed by good volumes. The stock is trading well above its 21- and 50-day moving averages. For the week, the stock has surged 6.7 per cent, emphatically breaching its long-term resistance zone between ₹188 and ₹198. There has been an increase in daily volumes over the past five trading sessions. The price rate of change and moving average convergence divergence indicators on the daily chart are hovering in the positive terrain implying upward momentum. The stock can extend its current upmove and reach the price target of ₹216 and then ₹221 in the coming sessions. Buy the stock with a stop-loss at ₹203.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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