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The stock of Bharati Shipyard zoomed 11.6 per cent accompanied by extraordinary volume on Thursday. It has risen from a key support area around ₹34 and has also breached its 21- and 50-day moving averages. Investors with a short-term perspective can buy the stock at current levels. Since bottoming out in March at ₹23, the stock has been on an intermediate-term uptrend since then. Key support at ₹34 provided base for the stock during October and November and arrested it from further decline. The ongoing rally has decisively breached the stock’s immediate resistance at ₹37 reinforcing the bullish momentum. The daily relative strength index has entered the bullish zone from the neutral region. The short-term outlook is bullish.
The stock can rise further and reach the price target of ₹41.5 and ₹42.5 in the coming trading sessions. Buy the stock with a stop-loss at ₹38.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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