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The stock of Dish TV India is flying high. Conclusively breaching a key resistance around ₹56, the stock surged 4.8 per cent on Tuesday. Investors with a short-term perspective can take this opportunity and buy at current levels. After hitting a low at ₹43 in early May, the stock reversed direction, forming a bullish engulfing candlestick pattern. Since then the stock has been on a short-term uptrend. While trending up, the stock decisively breached its moving average compression (21-, 50- and 200-day moving averages) at ₹50. Since mid-May, the daily volumes have been rising, backing the stock’s uptrend.
The relative strength index on the daily chart is featuring in the bullish zone. Both the daily and weekly price rate of change indicators are featuring in the positive territory. The stock can extend its current uptrend and reach our price target of ₹62.5 and then ₹63.5 in the trading sessions ahead. Buy the stock with a stop-loss at ₹58.3.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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