Comments
We recommend a buy in the stock of Hitachi Home and Life Solutions (India) from a short-term perspective. It is seen from the charts of the stock that from its peak of Rs 247 registered this April, the stock has been on an intermediate-term downtrend. However, after recording a 52-week low at Rs 136 on August 26, the stock bottomed out and has been on a nascent uptrend.
On October 12, the stock jumped 4.5 per cent emphatically breaching its 21- and 50-day moving averages. Further on Thursday, it climbed almost two per cent accompanied with above-average volumes closing higher than its immediate resistance at Rs 167. This up move has reinforced the stock's uptrend. The daily relative strength index is likely to enter into the bullish zone from the neutral region and weekly RSI is inching higher in the neutral region.
Daily moving average convergence divergence indicator is moving northwards in line with the stock price and is on the brink of entering into the positive territory. Both daily as well as weekly price rate of change indicators are featuring in the positive territory implying buying interest. We are bullish on the stock from a short-term horizon. We anticipate its up-move to continue and touch our price target of Rs 174 or Rs 179 in the upcoming trading sessions. Traders with short-term horizon can buy the stock with stop-loss at Rs 163.5.
Comments
COMMENT NOW
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.