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Investors with a short-term perspective can buy the stock of Man Industries India at current levels. The stock took support at its long-term base zone between ₹53 and ₹56 in September, following a downtrend from a high of ₹92 marked in early June. Triggered by positive divergence in the daily price rate of change and moving average convergence divergence indicators, the stock changed direction. Since late September, the stock has been on a nascent uptrend. While trending northwards, the stock conclusively breached its downtrend-line and a key resistance at ₹63.
On Monday, the stock surged almost 6 per cent breaking another key resistance at ₹69. The indicators on the daily chart have entered the bullish zone showing signs of strength. The short-term outlook is bullish. Buy the stock at current levels with price target of ₹74.5 and then ₹76 in the upcoming sessions. The stop-loss can be at ₹70.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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