Comments
We recommend a buy in the stock of Housing Development & Infrastructure Ltd from a short-term horizon. It is seen from the charts of the stock that after recording an all-time low at Rs 52 on January 2, the stock bottomed out. This trend reversal was triggered by positive divergence in daily relative strength index and moving average convergence divergence. Since then, the stock has been a medium-term uptrend.
While trending upwards, the stock emphatically penetrated its long-term resistance at Rs 70 in mid January. The stock is hovering well above its 21- and 50-day moving averages. Reinforcing the bullish momentum, the stock jumped 7.5 per cent on Wednesday. We notice that there has been an increase in volume since mid-January. The daily RSI is featuring in the bullish zone and weekly RSI is inching higher in the neutral region towards this zone.
The daily MACD is moving higher in line with the stock price implying bullish momentum. Our short-term forecast on the stock is bullish. We expect its up move to continue and reach our price target of Rs 93 or Rs 96 in the approaching trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 87.5.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.