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The stock of Kwality jumped almost 6 per cent accompanied by above-average volume on Monday. Since taking support at the key base level of ₹115 in early January, the stock has been on a medium-term uptrend. While trending up, the stock decisively breached its 200- and 50-DMAs and hovers well above them. Following a corrective decline, the stock found support at around ₹142 and bounced back sharply on Monday. With this rally, the stock appears to have resumed its medium-term uptrend. .
There has been an increase in trading volume over the past three weeks. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI has also entered this zone from the neutral region. The short-term outlook is bullish. The stock can extend its uptrend and reach the price targets of ₹156.5 and ₹160 in the upcoming trading sessions. Investors with a short-term perspective can buy the stock with a stop-loss at ₹147.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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