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The stock of PC Jeweller made a strong gain of 12 per cent, accompanied by above average volume, aligned with the broader market surge on Monday. Investors with a short-term perspective can buy the stock at current levels. Since reversing higher from the key support level at ₹71 in early February, the stock has been on an intermediate-term uptrend. The medium-term trend is also up for the stock. Its significant long-term support at ₹125 provided a base recently. The stock is now trading well above its 21- and 50-day moving averages.
The stock’s daily as well as weekly relative strength indices have entered the bullish zone from the neutral region. Other indicators on the weekly chart are moving higher, in line with the ongoing uptrend. Our short-term projection is bullish. The stock can extend its uptrend and touch the price target of ₹148 and then ₹151 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹139.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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