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Investors with a short-term perspective could consider buying the stock of Kolte-Patil Developers at current levels. Since taking support at around ₹80 in late December, the stock has been on a medium-term uptrend. Last week, the stock encountered a key resistance at ₹112 and tested it. Gaining bullish momentum, the stock surged 6.5 per cent on Monday. The momentum strengthened further as the stock surged another 5.5 per cent, decisively breaking the key resistance level of ₹112 on Tuesday.
The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone. Moreover, the daily and weekly price rate of change indicators are featuring in the positive territory, implying buying interest.
The short-term outlook is bullish for this realty stock. Traders can buy the stock with stop-loss at ₹117.5. Targets are ₹125 and ₹128.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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