Comments
The stock of Hercules Hoists surged 10 per cent with good volume and broke through a key long-term resistance at ₹165 on Wednesday. This rally provides a buying opportunity for investors with a short-term perceptive.
The stock has been on a long-term uptrend since taking support at ₹80 in August 2013. Following a corrective decline, the stock found support at ₹152 the previous week and continued its uptrend. It is now hovering well above its 21- and 50-day moving averages. The relative strength index on the daily chart has entered the bullish zone from the neutral region while the weekly RSI continues to feature in the bullish zone. The indicators on the weekly chart are trending northward.
The short-term outlook is bullish. The stock can continue its rally and reach the price target of ₹182 and then ₹185 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹170.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.