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Investors with a short-term horizon can consider buying the stock of Orient Refractories at current levels. The stock has made an upward breakthrough of a medium-term sideways consolidation phase in the band between ₹110 and ₹120, by gaining 6 per cent on Wednesday.
Since taking support at around ₹72 in March 2016, the stock has been on an intermediate-term uptrend. Following the sideways movement, the stock appears to have resumed its uptrend. Recently, the stock breached its 21- as well as 50-DMAs and trades well above them. Backing the stock’s bullish momentum, the indicators such as moving average convergence divergence and price rate of change in the daily chart continue to feature in the positive territory. It can trend northwards and reach the price targets of ₹130 and ₹133 in the near future. Buy the stock with a stop-loss at ₹122.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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