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Investors with a short-term view can buy the shares of Career Point at current levels. The stock hassurged 7 per cent on Thursday and has resumed its uptrend. After a broad sideways consolidation phase approximately in the range between ₹95 and ₹140, the stock broke out of this by accelerating sharply in late December 2014. Since then, the stock has been moving sideways with an upward bias. The medium-term trend has been up for the stock.
The current rally has decisively breached the stock’s 21-day moving average and is hovering well above the 50-day moving average as well. The relative strength index on the daily chart has entered the bullish zone from the neutral region. Both the daily and weekly price rate of change indicator hover in the positive area implying buying interest. The stock can reach the price target of ₹180 and ₹184 in the upcoming sessions. Buy the stock with a stop-loss at ₹169.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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