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On Monday, the stock of Subros jumped 9.8 per cent accompanied by extraordinary volume, decisively breaking a key resistance at ₹73. Investors with a short-term perspective can consider buying the stock at current levels. The stock has been on a long-term uptrend since taking support at ₹17.5 in August 2013. The medium-term trend is also up for the stock. However, the short-term trend is sideways in the broad range between ₹62 and ₹82. After taking support at the lower boundary in the previous month, the stock has started trending northwards.
The stock’s recent rally has conclusively breached its 21- and 50-day moving averages. The weekly RSI has re-entered the bullish zone from the neutral region, strengthening the medium-term uptrend. The short-term outlook is bullish. The stock can continue its upward rally and reach the upper boundary. Targets are ₹79 and ₹80.5. Traders can buy with a stop-loss at ₹74.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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