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Kalpataru Power Transmission surged 8.6 per cent accompanied by a spurt in volumes on Tuesday. Sliding from its January peak of Rs 105, the stock found support around Rs 57 in August and September. Subsequently, the stock reversed direction and started trending upwards. It met with an important resistance at Rs 83 in early November. After grappling with this level for almost a month, the stock decisively surpassed it on Tuesday. Volumes have been increasing in the past three trading sessions.
The stock appears to have resumed its medium-term uptrend from September. It is also hovering well above its 50- and 200-day moving averages. The indicators on the daily chart have entered the bullish zone from the neutral region. Those on the weekly chart are in positive territory, implying continuation of the bullish momentum. Given all these bullish chart patterns, the stock has the potential to extend its current rally to the target of Rs 91.5 or Rs 93.5 in the ensuing trading session.
Short-term traders can buy the stock with a stop-loss at Rs 86.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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