Comments
The stock of Speciality Restaurants has been on an intermediate-term uptrend since taking support at ₹101 in November 2013. After testing the key support at ₹133, the stock bounced up recently. This reversal has been cushioned by a key long-term base level at ₹133, which also coincides with the 50 per cent Fibonacci retracement level of the stock’s prior up-leg and 200-day moving average around ₹133. Investors with a short-term perspective can consider buying the stock at current levels.
On Wednesday, the stock gained 4 per cent breaching its immediate resistance at ₹142, reinforcing the bullish energy. The indicators on the daily chart are featuring in the neutral region with a positive bias. The weekly indicators are hovering in the positive territory, implying upward momentum is intact. The stock can extend its ongoing uptrend and knock at the price target of ₹152.5 and ₹155 in the trading sessions ahead. Buy the stock with a stop-loss at ₹143.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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.