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The stock of Archidply Industries jumped 7.6 per cent breaking a key resistance at ₹70 on Monday. The stock has regained its bullish momentum, providing a buying opportunity to investors with a short-term perspective.
Since taking support at around ₹45 last November, the stock has trended upwards. It has been on an intermediate-term uptrend, forming higher peaks and troughs. The short- as well as medium-term trends too are up for the stock. It is now trading well above its 50- and 200-DMAs. There has been a rise in daily volumes over the past one week. The daily relative strength index is featuring in the bullish zone and the weekly RSI has entered this zone from the neutral region. Both the daily and weekly price rate of change indicators are hovering in the positive territory, implying buying interest.
Overall, the short-term outlook is bullish. Buy the stock with stop-loss at ₹72.5. Short-term targets are ₹77.5 and ₹79.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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