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Advanta, an associate company of United Phosphorus, jumped 7 per cent with volumes zooming more than 9 times the average on Monday. The stock’s rally has decisively breached the key immediate resistance as well as the 200-day moving average at ₹121. This has strengthened the stock’s short-term uptrend that has been in place since taking support at ₹100 in late January this year.
Traders with a short-term perspective can take this opportunity to buy the stock. It has been hovering well above its 50- and 200-day moving averages. The indicators on the daily chart are steadily moving higher in the bullish zone, backing the stock’s progressing uptrend. However, the stock is testing its next resistance currently. The short-term outlook is bullish for Advanta. We believe that the stock can breach its current resistance and reach the price target of ₹136 and then ₹139 in the coming trading sessions. Buy the stock with a stop-loss at ₹128 level.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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