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The stock of Navneet Education jumped 6.8 per cent accompanied by above average volume on Tuesday, decisively breaking a key resistance at ₹97. Further, the stock has managed to close above the psychological resistance level at ₹100 and its 200-day moving average. This gives investors an opportunity to buy the stock at current levels.
Following a medium-term downtrend, the stock found support at ₹88 in late April. The stock subsequently reversed direction triggered by positive divergence in the daily relative strength index. Since then the stock has been on a nascent uptrend. It has breached the 21- and 50-day moving averages and hovers well above them. Other indicators on the daily chart hover in the positive territory implying bullish momentum. The stock can extend its ongoing rally and reach the price target of ₹107 and ₹109 in the coming trading sessions. Buy with a stop-loss at ₹100.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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