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Investors with a short-term perspective can buy the stock of Phoenix Lamps at current levels. Following a medium-term downtrend, the stock found support at around ₹110 in August 2014 and bounced back. However, it failed to sustain its bullish momentum and resumed its downtrend in September. The stock’s significant long-term support at around ₹110 came to the rescue once again in December 2014 and then in January.
Finding support at its long-term base, the stock surged 5 per cent on Monday. Both the daily and weekly RSI are trending higher towards the bullish zone.
The daily moving average convergence divergence indicator has signalled a buy and is also moving towards the positive territory. The short-term outlook for the stock is bullish. It can extend the current rally and reach our price targets of ₹119 and ₹122 in the short term. Buy the stock with a stop-loss at ₹112.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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