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We recommend a buy in the stock of Hanung Toys & Textiles from a short-term perspective. It is apparent from the charts of the stock that following a medium-term downtrend from January 2013 peak of Rs 180, the stock found support at Rs 100 in late March. Taking support from the psychological level of Rs 100, the stock rebounded sharply in early April. Short-term trend for the stock is up. On April 18, the stock gained 5 per cent accompanied by above average volume decisively breaching its 50-day moving average. This up move has reinforced bullish momentum on the stock. The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI is climbing higher in the neutral region. The daily moving average convergence divergence indicator is moving higher in line with the stock price and is on the verge of entering the positive territory. We are bullish on the stock from a short-term perspective. We anticipate its uptrend to continue and reach our price target of Rs 137.5 or Rs 140 in the forthcoming trading sessions. Traders with short-term horizon can buy the stock with stop-loss at Rs 129.5 level.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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