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We recommend a buy in the stock of KSK Energy Ventures from a short-term horizon. It is apparent from the charts of the stock that since March, the stock has been in sideways consolidation phase in the broad range between Rs 50 and Rs 75. Following a decline from the upper boundary, the stock took support in the base zone between Rs 50 and 53 in November this year. Subsequently, the stock bounced up and has been in a near-term up move.
On Tuesday, the stock decisively breached its key immediate resistance at around Rs 60 by gaining more than 7 per cent accompanied by extraordinary volume. The daily relative strength index has entered the bullish zone from neutral region and weekly RSI is moving higher in the neutral region towards the bullish zone. The daily moving average convergence divergence indicator has signalled a buy. Further, the daily price rate of change indicator is featuring in the positive terrain implying buying interest.
We are bullish on the stock from a short-term horizon. We anticipate its near-term up move to continue and reach our price target of Rs 64.5 or Rs 66 in the approaching trading sessions. Traders with short-term horizon can consider buying the stock with stop-loss at Rs 60.5 levels.
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