The stock of INOX Leisure has moved 6.7 per cent higher in the past two trading sessions. This rally has decisively breached the 50-day moving average and a key resistance at ₹110. Volumes have been increasing over the last three trading sessions. Investors with a short-term perspective can consider this as a buying opportunity. It has been on an intermediate-term uptrend since August 2013. The short-term trend is also up for INOX.
The relative strength index on the daily chart is featuring in the bullish zone and the weekly RSI has entered this zone from the neutral region. The short-term outlook is bullish. The stock can extend its current rally and reach the price target of ₹119 and then ₹121.5 in the coming trading sessions. Buy the stock with a stop-loss at ₹111.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)