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An upward bounce on the global spot gold price has pushed the MCX-gold price higher in the recent times. This has had a ripple effect on jeweller stocks and pushed their share price northwards. On Wednesday, the stock of Tribovandas Bhimji Zaveri surged 5.4 per cent reaching its immediate resistance at around ₹153 levels. It has also decisively closed above its 21-day moving average and is on the brink of breaching 50 and 200.
Since July 2014, the stock has been on a sideways consolidation phase in a broad range between ₹145 and ₹185. The stock bounced up taking support from the lower boundary in late March and again this week. The daily relative strength index is on the verge of entering the bullish zone from the neutral region. . The short-term outlook for the stock of TBZ is bullish. It can extend its ongoing rally and reach our price target of ₹166.5 and ₹170 in the upcoming sessions. Buy the stock with a stop-loss at ₹156.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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