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Subros has been on a short-term uptrend since taking support at ₹40 last week. On Wednesday, the stock advanced 5 per cent, backed by extraordinary volumes. The stock breached an immediate resistance around ₹48. This gives short-term traders an opportunity to buy the stock at current levels. Since the September 2013 low of ₹20, the stock has been on an intermediate-term uptrend. The stock conclusively breached its 21- and 50-day moving average and is now hovering well above these levels. Trading volumes have been on the rise over the past five sessions, strengthening the bullish momentum.
The moving average convergence divergence indicator is on the brink of entering the positive territory. The price rate of change indicator is featuring in the positive terrain, signalling buying interest. Outlook for the stock is bullish. The short-term targets are ₹52 and ₹53. Traders can buy the stock with a stop-loss at ₹49.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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