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On Tuesday, the stock of OnMobile Global jumped 7.7 per cent accompanied by extraordinary volume breaking a key resistance at ₹98. Investors with a short-term horizon can consider buying the stock at current levels as bullish momentum is witnessed.
Since taking support around ₹75 in early September, the stock has been on a short- to medium-term uptrend. After a corrective decline from the resistance level of ₹98, the stock found support at ₹93 last week. The recent breakthrough of this resistance level has reinforced the bullish momentum and continuation of the uptrend. Both the daily and weekly relative strength indices have entered the bullish zone from the neutral region. The stock trades well above its 50 and 200-day moving averages. The short-term forecast for the stock is bullish. The targets are ₹106 and ₹108 in the forthcoming sessions. Buy the stock with a stop-loss placed at ₹99.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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