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We recommend a buy in the stock of CESC from a short-term perspective. The stock is in a strong medium-term uptrend since the low of Rs 243 marked in April. A minor correction was in progress since the peak at Rs 343 formed on October 1. But the bullish engulfing candle formed on Thursday marks the possible reversal in this downtrend.
The relative strength index in the daily chart is moving higher from the neutral region signalling the beginning of a fresh short-term uptrend. The stock also bounced off its 21-day moving average on Thursday.
CESC could build on this reversal and move higher in forthcoming sessions. Traders can buy the stock with targets at Rs 333 and Rs 340. The stop-loss can be placed at Rs 327
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