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The stock of Radico Khaitan surged 6 per cent accompanied by above average volume on Wednesday, breaching its 21-DMA and a key resistance at around ₹130. This upmove has strengthened the medium-term uptrend that has been in place since the December low of ₹106. Moreover, the short-term trend has turned up. The stock is trading well above its 50-DMA as well.
The medium-term uptrend is intact. But, the stock now tests a resistance at ₹135 with an upward bias. The daily relative strength index has entered the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive terrain indicating buying interest.
The stock has the potential to surpass the immediate resistance at ₹135 and continue its uptrend. Short-term targets are ₹140 and ₹143 levels. Traders with a short-term horizon can buy the stock with stop-loss at ₹131.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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