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The stock of JK Tyre & Industries has been on a bullish momentum since taking support at its 200-day moving average at around ₹96 in the previous week. Investors with a short-term horizon can buy the stock as it has resumed its near-term uptrend by gaining 4.8 per cent on Wednesday. The stock’s medium-term downtrend that started from the December 2014 peak of ₹162 came to an end in the previous week. Since then, the stock has been on a budding near-term uptrend. It hovers well above its 21- and 50-day moving averages as well.
The moving average convergence divergence indicator on the daily chart has signalled a buy and is on the verge of entering the positive territory. The short-term outlook is bullish for JK Tyre & Industries. The present momentum can continue and the stock can reach the price target of ₹131 and ₹134 in the approaching trading sessions. Buy the stock with a stop-loss at ₹123.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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