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On Thursday, the stock of Venus Remedies surged almost 6 per cent reinforcing the bullish momentum. Investors with a short-term perspective can buy this stock at current levels. The stock has been on an intermediate-term uptrend since bottoming out at ₹140 in August 2013. In late January, the stock took support at ₹210 and bounced up. The short-term trend has been up since then.
While trending higher, the stock decisively breached its 50- and 200-day moving averages and has been hovering well above them. Both daily and weekly relative strength indices have entered the bullish zone from the neutral region. Likewise, the price rate of change indicator is featuring in the positive territory.
The stock has seen a key resistance at ₹263. It can surpass this resistance and reach the price target of ₹275 and then ₹280 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹258.5 level.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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