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Essel Propack zoomed 9 per cent, emphatically breaking its long-term as well as immediate resistance at ₹90 on Tuesday. This gives a trading opportunity for traders with a short-term perspective to buy the stock. Since breaching a key resistance at ₹60 in early April, the stock has been on an uptrend, which is now accelerating. Following a near-term pause around ₹90, the stock continues to trend upwards. Both medium- and short-term trends are up for the stock.
Its on going uptrend is backed by good volumes indicating strength. The moving average convergence divergence indicator is trending higher in line with the stock price. With the break of key long-term resistance, its outlook continues to be bullish. In the short term, the stock can extend its uptrend and reach the price target of ₹99.5 and then ₹101.5 in the coming trading sessions. Buy the stock with a stop-loss at ₹93.5 level.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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