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The stock of Eros International Media has resumed its long-term uptrend after reversing from the support at ₹240 in late October. In the past three trading sessions, the stock has surged 13.6 per cent, conclusively breaching its 21- and 50-day moving averages. This rally gives opportunity to traders with a short-term perspective to buy the stock.
Since the August 2013 low of ₹106, the stock has been on a long-term uptrend. Its long-term support at ₹240 provided base during September and October. Medium as well as short-term trends are also up for the stock. It is now hovering well above its 50- and 200-day moving averages. Further, the price rate of change indicators are featuring in the positive territory implying buying interest. The stock can extend its rally and hit the price target of ₹284 and then ₹289 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹266.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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