Comments
Following a short-term downtrend from the 52-week high registered at ₹80 in early January, the stock took support at ₹55 in late February. This is a significant long-term support level. KSK Energy has been trending northwards, and recently breached the 200-day moving average level.
On Thursday, the stock rose 3.5 per cent with above average volume, decisively breaching its immediate key resistance level. Over the last two sessions the stock has surged 7 per cent backed by good volumes. The short-term trend is turning bullish. The daily indicators such as relative strength index and price rate of change have entered the positive terrain.
The daily moving average convergence divergence indicator is on the brink of entering the positive territory from the negative territory. It can continue its rally and touch price targets of ₹64 and ₹66 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹60.7.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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.