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Investors with a short-term perspective can consider buying the stock of Rossell India at current levels. Since the late 2013 low of ₹28.5, the stock has been on a long-term uptrend, forming higher peaks and troughs. This June, the stock took support at around ₹77 and resumed its long-term uptrend. After testing the key resistance at ₹120 for more than three months, the stock decisively broke-out on Tuesday, gaining 7.8 per cent. There has been an increase in volumes too in the past two trading sessions.
The stock trades well above its 50- and 200-day moving averages. Both the daily and weekly relative strength indices are featuring in the bullish zone backing the stock’s upward momentum. The daily as well as weekly price rate of change indicators are hovering in the positive territory, implying buying interest. The short-term outlook is bullish for the stock. Buy the stock at current levels with a stop-loss at ₹127.5. Targets are ₹135.5 and ₹138.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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