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Investors with a short-term perspective can consider buying the stock of INOX Leisure at current levels. The stock has been in the limelight over the last two trading sessions, in which it has surged 8.8 per cent with extraordinary volumes. This rally has decisively breached the key immediate resistance at ₹265.
Since taking support at ₹215 in early February, the stock has been on a medium-term uptrend. While trending up, the stock had emphatically breached a key resistance at ₹245 in early March, which thereafter started to provide a base. The stock hovers well above its 50- and 200-DMAs. The daily as well as weekly price rate of change indicators feature in the positive territory implying buying interest.
For the INOX Leisure scrip, the short-term outlook is bullish. It can continue to climb and reach the price targets of ₹283 and ₹289 in the ensuing trading sessions. Buy the stock with stop-loss at ₹266.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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