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The fitness stock Talwalkars seems to be a fit buy at current levels for traders with a short-term perspective. On Monday, the stock jumped to ₹15.8 or 9 per cent accompanied by extraordinary volumes. This rally has reinforced the stock’s short-term uptrend that has been in place from its January low at ₹130. Moreover, the stock has decisively breached a long-term resistance at ₹178 paving the way for a potential upside. Now, it has been hovering well above its 50- and 200-day moving averages.
The relative strength index on the daily chart has entered the bullish zone from the neutral region. The weekly RSI is also featuring in the bullish zone backing the short-term uptrend. The moving average convergence divergence indicator has signalled a buy and is featuring in the positive territory. Other weekly indicators are also hovering in the positive terrain implying upward momentum. The short-term targets are ₹193 and ₹197. Buy the stock with a stop-loss at ₹181.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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