Comments
The stock of Triveni Engineering & Industries surged 5.7 per cent breaching a key resistance at around ₹80 on Thursday. Since taking support at ₹50.5 in November 2016, the stock has been on a medium-term uptrend. Following a corrective decline from around ₹85, the stock found support at ₹70 in mid-February this year and subsequently resumed its uptrend in early March.
The short-term trend is up for the stock. It is trading well above the 21- and 50-DMAs. The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI continues to hover in the bullish zone.
There has been an increase in daily volumes over the last five trading sessions. Though there isresistance ahead at ₹83, the stock holds the potential to surpass this hurdle and extend its ongoing uptrend . The next targets are ₹85.5 and ₹87.5. Traders with a short-term perspective can buy the stock with a stop-loss at ₹80.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.