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We recommend a buy in the stock of Jaypee Infratech from a short-term perspective. It is evident from the charts of the stock that taking support at around Rs 44, the stock resumed its up-move that started from its August 2012 low of Rs 40. On December 6, the stock jumped 5 per cent with above average volume breaking through its medium-term down trendline as well as 200-day moving average. Further, the stock gained more than 4 per cent reinforcing the bullish momentum on Friday. The stock is hovering well above its 50 and 200-day moving averages. The daily relative strength index has entered in to the bullish zone from the neutral region and weekly RSI is moving higher in the neutral region toward the bullish zone. The daily moving average convergence divergence indicator is moving higher in line with the stock price and is featuring in the positive territory implying upward momentum. Short-term trend is up for the stock. We are bullish on the stock from a short-term perspective. We expect its rally to continue and reach our price target of Rs 54 or Rs 55 in the approaching trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 50.5 levels.
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