Investors with a short-term perspective and high risk appetite can consider buying the stock of Career Point at current levels. The stock had surged11.6 per cent on Monday with extraordinary volumes breaching a key resistance at ₹120. This rally has taken place after a strong rebound from a key support around ₹95 and recording a whopping gain of 25 per cent last week. The stock is trading well above its 50- and 200-day moving averages. There has been an increase in volume over the past four trading sessions. The daily relative strength index is featuring in the bullish zone and weekly RSI has just entered this zone from the neutral region implying upward momentum. Other indicators on the weekly chart have entered the positive terrain implying strength.
The short-term outlook is bullish. The stock can extend its rally and reach the price target of ₹140.5 and ₹143 in the coming days. Buy the stock with a stop-loss at ₹131.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)