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We recommend a buy in the stock of CORE Education and Technologies from a short-term horizon. It is evident from the charts of the stock that after taking support at around Rs 245 in December 2011 and January 2012, it started trending higher. But, key resistance at Rs 288 arrested the stock's move in early March this year and it spent two months moving sideways between Rs 273 and Rs 288.
On Thursday, the stock zoomed 5.6 per cent, conclusively breaking through its significant resistance level. Moreover, this up move has decisively breached the stock's moving average compression (21-, 50- and 200-day moving averages) which is around Rs 280. Medium-term trend is up for the stock. The daily relative strength index is hovering in the bullish zone and weekly RSI has just entered into this zone implying upward momentum.
We are bullish on the stock from a short-term perspective. We anticipate the stock's rally to prolong and reach our price target of Rs 304 or Rs 313 in the forthcoming trading sessions. Traders with a short-term perspective can buy the stock with stop-loss at Rs 286.
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