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Mahindra Ugine Steel Company, a subsidiary of the Mahindra Group, has been surging over the last two sessions, gaining 9 per cent. Investors with a short-term trading perspective can consider buying the stock for some quick gains.
The stock has been moving higher after forming a low of ₹40 in early June 2013. An intermediate-term uptrend is in progress since this low. This uptrend resumed in December 2013. The stock’s 21- and 50-day moving averages provide support around ₹106. The short-term trend for the stock is also up. There has been an increase in daily volumes over the past two days. The relative strength index on the daily chart has re-entered the bullish zone from the neutral region. Other indicators continue to feature in the positive territory.
The short-term outlook is bullish. The stock can extend its uptrend and reach the price target of ₹136 and ₹138.5 in the coming sessions. Buy the stock with a stop-loss at ₹127.5.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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