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Investors with a short-term perspective can buy the stock of Asahi India Glass at current levels.
The stock saw buying interest and gained 5 per cent, accompanied by above-average volume on Friday breaking above a key resistance level at ₹197.
Following a medium-term downtrend, the stock found support at ₹170 in late August.
The stock then moved sideways in the ₹170-197 band until and had gained 12.7 per cent last week. Also, the stock breached its 21- and 50-day moving averages and hovers well above them.
Triggered by positive divergence in the weekly relative strength index, the stock changed direction recently.
The daily RSI has entered the bullish zone from the neutral region and the weekly RSI has entered the neutral region.
The daily and weekly price rate of change indicators hover in the positive territory, implying buying interest. The short-term outlook is bullish.
The stock can continue to trend up and reach the price targets of ₹212 and ₹216 in the coming trading sessions. Traders can buy with a stop-loss at ₹198.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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