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Investors with a short-term perspective can buy the stock of PTC India which has been on a near-term uptrend for over two weeks. The stock has been moving higher since August 2013, when it took support at ₹35. Following a corrective decline, retracing 50 per cent of the uptrend, the stock found support at ₹52 in February. This is a significant long-term support, and the 200-day moving average has also provided a cushion at this level.
The stock is currently hovering well above its 50- and 200-day moving averages. Indicators on the daily chart are featuring in the bullish zone, backing the uptrend. The indicators on the weekly chart are on the brink of entering the bullish zone from the neutral region. The recent breakthrough of resistance at ₹60 adds strength. Therefore, buy the stock with a stop-loss at ₹62 levels. The short-term targets are ₹66 and then ₹67.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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