Investors with a short-term perspective can consider buying the stock of Cairn India at current levels. Ever since bottoming out at a low of ₹106 in January 2016, the stock has been on an intermediate-term uptrend forming higher peaks and troughs. Medium- as well as short-term trends are also up for the stock.
After consolidating sideways between ₹272 and ₹283 for more than two weeks, the stock has eventually broken out of this range by gaining 4.6 per cent on Thursday. The stock has resumed its medium-term uptrend. It trades well above its 21- and 50-DMAs. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continues to hover in the bullish zone. The short-term forecast is bullish. It can continue to trend upwards and reach the price target of ₹299 and ₹305 in the forthcoming trading sessions. Traders with a short-term view can buy the stock with stop-loss at ₹281.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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.