Investors with a short-term perspective can buy Tribhovandas Bhimji Zaveri at current levels. Following a medium-term downtrend from the July 2013 high of Rs 224, the stock found support at Rs 116 in early October. Since then, the stock has been on a nascent short-term uptrend.
Reinforcing this up-move, the stock jumped 5.5 per cent with above average volume breaching its 21- and 50-day moving average lines on Monday. There is an increase in daily volumes over the past two weeks. The indicators in the daily chart are about to enter the bullish zone strengthening the stock’s ongoing uptrend. The daily as well as weekly price rate of change indicators are now hovering in the positive territory implying buying interest.
The short-term outlook is bullish. Buy the stock while maintaining a stop-loss at Rs 142. The stock can trend northwards to reach the price target of Rs 152 or Rs 154 in the forthcoming trading sessions.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)