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Investors with a short-term view can buy the stock of Engineers India at current levels. On Tuesday, the stock jumped 4.7 per cent with extra-ordinary volume, breaking above a key resistance at ₹68.5 as well as the 200-day moving average poised at ₹69. Following a medium term downtrend from the June high of ₹83, the stock took support at around ₹60 in mid-October and reversed direction. Since then, the stock has been in a budding short-term uptrend. While trending up, the stock breached the 50- and 200-day moving averages recently.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is charting higher in the neutral region. Besides, the daily as well as the weekly price rate of change indicators are featuring in the positive terrain.
The short-term outlook is bullish for the stock of Engineers India. It can continue to trend upwards and reach the price targets of ₹73.5 and ₹75 in the ensuing trading sessions.
Traders with a short term horizon can buy the stock with a stop-loss at ₹68.5 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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