Comments
We recommend a buy in the stock of >PVR from a short-term perspective. It is evident from the charts of the stock that it has been on a long-term uptrend since bottoming out in March 2011 at around Rs 94 levels. However, after registering a 52-week high at Rs 341 on December 4 last year, the stock began to decline. The stock's key support at Rs 250 arrested its corrective decline in late January and subsequently provided support.
On Monday, the stock surged almost 5 per cent breaching its 21-day moving average. We notice that there is an increase in daily volumes in the past three trading sessions. Both long and intermediate-term trends are up and are still in place. The daily relative strength index is moving higher in the neutral region towards the bullish zone while weekly RSI is featuring in the bullish zone.
The daily moving average convergence divergence indicator has signalled a buy. Further, daily price rate of change indicator has entered the positive area, implying buying interest. Our short-term forecast on the stock is bullish. We expect its rally to continue and reach our price target of Rs 283.5 or Rs 289 in the forthcoming trading sessions. Traders with a short-term perspective can consider buying the stock with stop-loss at Rs 267 levels.
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.