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We recommend a buy in the stock of Inox Leisure from a short-term perspective. It is evident from the charts of the stock that it has been on a long-term uptrend since taking support at around Rs 35 in December 2011. In March this year, the stock took support from its twin base (uptrend line and key support) at Rs 63 and started to move upwards. Since then, the stock has been on a short-term uptrend.
On Monday, the stock jumped 6 per cent with good volume breaking through its immediate resistance as well as 200-day moving average at Rs 71. It is hovering well above its 21- and 50-day moving averages. Both daily and weekly price rate of change indicators are featuring in the positive terrain implying buying interest. The daily moving average convergence divergence indicator is featuring in the positive territory indicating upward momentum.
We are bullish on the stock from a short-term horizon. We anticipate its up move to continue and reach our price target of Rs 76 or Rs 77.5 in the upcoming trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 71.5 level.
( Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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