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We recommend a buy in the stock of Career Point from a short-term perspective. It is evident from the charts of the stock that it has been on a medium-term downtrend from its January peak of Rs 278. While trending down, it breached its key supports at Rs 200 and Rs 180. However, after hitting a 52-week low at Rs 137 on July 31, the stock started to stabilise around this level and formed a significant support. Triggered by positive divergence in daily relative strength index and daily moving average convergence divergence indicator, the stock began to move upwards. Further, weekly indicators are also displaying positive divergence backing the stock trend reversal.
On Tuesday, the stock jumped 3.6 per cent accompanied by above average volume strengthening its upward momentum. The daily price rate of change indicator has entered positive terrain implying buying interest and daily MACD has signalled a buy. The daily RSI is moving higher in the neutral region and weekly RSI is recovering from the oversold levels. Taking a contrarian stance from a short-term perspective, we are bullish on the stock. We expect its up move to prolong and reach our price target of Rs 154.5 or Rs 159 in the approaching trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 145.
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