The stock of Kalpataru Power Transmission surged 3.6 per cent accompanied by above average volume on Thursday. This rally provides bullish momentum to the stock. Investors with a short-term perspective can buy at current levels. Since the October 2014 low of ₹129, the stock has been on a medium-term uptrend. But the short-term trend is sideways with a positive bias. The stock decisively breached its 21- and 50-day moving averages in early April and hovers well above them.
The relative strength index on the daily chart is on the brink of entering the bullish zone from the neutral region. Weekly RSI is featuring in the bullish zone backing the medium-term uptrend. The short-term outlook is bullish. A decisive breakthrough of the stock’s immediate resistance around ₹245 can take it northwards to ₹251 and then to ₹256 in the upcoming sessions. Buy the stock with a stop-loss at ₹236.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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