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The stock of Asahi India Glass zoomed 9 per cent accompanied by above average volume breaching its 21- as well as 50-day moving averages on Wednesday. Moreover, the stock has decisively breached its key immediate resistance at around ₹136, providing a buying opportunity to traders with a short-term perspective. The long-term uptrend in the stock continues to be intact. In late April and early May, the stock found support in the band between ₹120 and ₹125 and resumed its primary uptrend.
The daily relative strength index has entered the bullish zone from the neutral region and weekly RSI is likely to enter this zone. Further, the daily moving average convergence divergence indicator has signalled a buy. The overall outlook for the stock is bullish. The stock can extend its up move and reach our price target of ₹148.5 and ₹151.5 in the forthcoming sessions. Buy the stock with a stop-loss at ₹139.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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