The stock of Speciality Restaurants has been on an intermediate-term uptrend since taking support at ₹101 in November 2013. After testing the key support at ₹133, the stock bounced up recently. This reversal has been cushioned by a key long-term base level at ₹133, which also coincides with the 50 per cent Fibonacci retracement level of the stock’s prior up-leg and 200-day moving average around ₹133. Investors with a short-term perspective can consider buying the stock at current levels.
On Wednesday, the stock gained 4 per cent breaching its immediate resistance at ₹142, reinforcing the bullish energy. The indicators on the daily chart are featuring in the neutral region with a positive bias. The weekly indicators are hovering in the positive territory, implying upward momentum is intact. The stock can extend its ongoing uptrend and knock at the price target of ₹152.5 and ₹155 in the trading sessions ahead. Buy the stock with a stop-loss at ₹143.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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