We recommend a buy in the stock of KSK Energy Ventures from a short-term horizon. The stock put up a scintillating show on Tuesday, gaining 12 per cent. This move helped the stock move above the resistance at Rs 70 that thwarted its up-move in August and again in September this year.
The higher bottoms formed since the July low has resulted in an ascending triangle pattern in the daily chart that is a bullish pattern. On Tuesday, the stock has also managed to move sharply beyond the congestion formed by its 21- and 50-day moving averages.
Volumes recorded during the session were also very strong. Short-term traders can buy the stock with stop at Rs 71. The stock can move to 74 or Rs 81 in the sessions ahead.
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