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Dhanlaxmi Bank zoomed more than 13 per cent on Monday, emphatically breaking through a key long-term resistance at ₹47. Traders can buy the stock from a short-term perspective. The medium-term trend has been up from the late February low of ₹28. The short-term trend has been up since the early May low of ₹35.4.
In early May, the stock decisively breached its moving average compression (21-, 50- and 200-day moving average) at ₹36.5. The stock is hovering well above its 50- and 200-day moving averages. The indicators on the daily chart are featuring in the bullish zone, backing the short-term uptrend. Moreover, the indicators on the weekly chart continue to hover in the positive terrain implying that the medium-term trend is also bullish. Our short-term outlook on Dhanlaxmi Bank is bullish. It can prolong its current uptrend and reach our price target of ₹53.5 and then ₹55 in the short term. Buy the stock with a stop-loss at ₹50.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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