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Investors with a short-term perspective can buy the shares of Speciality Restaurants at current levels. On Thursday, the stock jumped 6.5 per cent accompanied by above average volume. The rally has made the stock move out of a narrow sideways range between ₹110 and ₹115 positively. This up move has reversed the stock’s short-term downtrend that was in place from early January. Further, the stock has decisively breached its 21-day moving average, reinforcing bullish momentum.
The stock also managed to close slightly above its 50-day moving average. The relative strength index on the daily chart has entered the bullish zone from the neutral region, strengthening the current uptrend. Both the daily and weekly price rate of change indicators are featuring in the positive territory implying buying interest. The short-term outlook for the stock is bullish. Targets are ₹126 and ₹129. Buy the stock with a stop-loss at ₹118.
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