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The stock of Gujarat Pipavav Port jumped 5.4 per cent, conclusively breaching a medium-term resistance level at ₹125, on Monday. This rally provides a short-term trading opportunity. Traders can buy the stock at current levels. The stock has been on a long-term uptrend since taking support at around ₹42 in August 2013. The medium-term trend for the stock is also up. It encountered resistance at ₹125 in May this year and started consolidating sideways with a positive bias. The stock’s recent break reinforces its bullish momentum.
It is hovering well above its 21- and 50-day moving averages. The daily moving average convergence divergence indicator has signalled a buy and is hovering in the positive terrain. The weekly indicators are featuring in the positive territory, implying upward momentum. Our short-term outlook on the stock is bullish and we expect the stock to reach the price target of ₹139.5 and ₹142 in the forthcoming sessions. Buy the stock with a stop-loss at ₹131.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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