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Investors with a short-term perspective can consider buying the stock of Banco Products India at current levels. Since registering a 52-week low at ₹88 in mid-June the stock has been on a medium-term uptrend. However, after encountering a key resistance around ₹145 in October, the stock started to decline. After testing the 50 per cent fibonacci retracement level of the medium-term uptrend, the stock found support at ₹121 last week.
On Tuesday, the stock extended the bullish momentum by gaining 4 per cent. Over the past five trading sessions there has been an increase in volume. Both the daily and weekly price rate of change indicators are featuring in the positive territory implying buying interest.
The short-term outlook is bullish. The stock can continue its rally and reach the price target of ₹139.5 and ₹142 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹131.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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