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We recommend a buy on the stock of Hitachi Home and Life Solutions (India) from a short-term perspective. It is evident from the charts of the stock that it found support in the band between Rs 110 and Rs 115 in early April this year, following a medium-term downtrend from January peak of Rs 171. Subsequently, the stock changed direction taking support from the aforementioned price band triggered by positive divergence in the daily moving average convergence divergence indicator. Since then, the stock has been on a short-term uptrend.
While trending higher, it decisively breached its 50- and 200-day moving averages in late April. Reinforcing the uptrend, the stock surged 5 per cent accompanied by extraordinary volume on Tuesday. The stock is hovering well above both 21- and 50-day moving averages. Both daily and weekly price rate of change indicators are featuring in the positive area implying buying interest. We are bullish on the stock from a short-term horizon. We anticipate its rally to carry forward and reach our price target of Rs 146 or Rs 149 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock with stop-loss at Rs 137.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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