Comments
We recommend a buy on the stock of Anant Raj from a short-term horizon. It is apparent from the charts of the stock that after a medium-term downtrend from the 52-week high of Rs 104 registered on December 4, 2012, it took support at its long-term base level at Rs 57 in early March. Subsequently, the stock started to trend upwards and it has been on a short-term uptrend.
On Thursday, the stock advanced 8 per cent reinforcing bullish momentum. The stock is hovering well above its 21- and 50-day moving averages. The daily relative strength index is featuring in the bullish zone and weekly RSI is moving higher in the neutral region. The daily moving average convergence divergence is inching higher in line with the stock, indicating upward momentum.
Our short-term outlook on the stock is bullish. We anticipate its rally to prolong and reach our price target of Rs 79.5 or Rs 81 in the ensuing trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 74.8 level.
( 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.