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After taking a breather following a sharp rally in mid-March, the stock of Polaris Financial is set for another rally. Investors with a short-term perspective can consider buying the stock at current levels. On Tuesday, the stock experienced continued buying interest and surged 7.6 per cent with extraordinary volumes. This rally has breached its key immediate resistance zone between ₹205 and ₹210. The stock’s significant support at ₹180 cushioned it from further fall in late April and again in the previous week.
The daily relative strength index has entered the bullish zone from the neutral region. Other indicators on the daily chart are hovering in the positive territory implying bullish momentum in the near term. The weekly RSI continues to feature in the bullish zone. Our short-term outlook on the stock is bullish. It can extend the current rally and reach the price target of ₹226 and then ₹230 in the coming trading sessions. Buy the stock with a stop-loss at ₹212.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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