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We recommend a buy in the stock of Excel Crop Care from a short-term horizon. It is seen from the charts of the stock that it was on a medium-term downtrend from its 52-week high of Rs 242 marked in November 2012, until late March. The stock subsequently, reversed direction taking support at key long-term base level of Rs 155 and triggered by positive divergence in daily indicators.
On Thursday, the stock surged 7 per cent conclusively breaching its near-term resistance at Rs 165. Moreover, the stock’s rally has breached its 21- and 50-day moving averages. The daily relative strength index has entered the bullish zone from the neutral region and weekly RSI is moving higher in the neutral region.
We are bullish on the stock from a short-term horizon. We expect its rally to continue and reach our price target of Rs 182.5 or Rs 186 in the forthcoming trading sessions. Traders with short-term horizon can consider buying the stock with stop-loss at Rs 171.5 level.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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