Linde India surged 3 per cent with good volumes on Tuesday. This leading industrial gases company is a division of the Linde Group. Since taking support at ₹235 in August 2013, the stock has been on an intermediate-term uptrend. Its long-term support at ₹340 provided cushion in the month of July. The stock is in a sideways consolidation phase in the band between ₹340 and ₹390 with an upward bias. Last week, the stock conclusively breached its 21- and 50-day moving averages and climbed higher.
The daily relative strength index is featuring in the bullish zone signifying bullishness. Both daily and weekly moving average convergence divergence indicators are featuring in the positive territory. We are bullish on the stock from a short-term perspective and expect it to to reach our price target of ₹408 and then ₹416 in the ensuing trading sessions. Traders with a short-term perspective can buy the stock with a stop-loss at ₹383.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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