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Investors with a short-term perspective can buy the stock of Patel Engineering at current levels. After marking a 52-week high at ₹152.5 in June 2014, the stock began to decline. It found support retracing 50 per cent fibonacci retracement level of the prior uptrend, at around ₹85 in October 2014 which is also a long-term support level. This support level kept the stock on hold during December and again in February. Testing the support level for more than two weeks, the stock eventually moved higher by gaining 6.4 per cent on Monday. Both the daily and weekly relative strength indices are moving towards the bullish zone from the neutral region.
Moving average convergence divergence has signalled a buy and price rate of change has entered the positive terrain. . Traders with a short-term perspective can buy the stock with a stop-loss at ₹91.5. The stock can trend upwards to the price target of ₹97 and ₹99 in the forthcoming trading sessions.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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