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We recommend a buy in the stock of Piramal Glass for a short-term horizon. It is apparent from the charts of the stock that the long-term base at Rs 90 arrested the stock's decline in December 2011. Triggered by positive divergence in daily relative strength index and daily moving average convergence divergence indicator, the stock changed its direction. Since then, the stock has been on a nascent medium-term uptrend.
Further, taking support at Rs 105 in recent times, the stock resumed its medium-term uptrend. On Tuesday, the stock jumped 3.6 per cent accompanied by spurt in volume, breaching its 21-day moving average. The stock is hovering well above both 21- and 50-day moving averages. The daily RSI has entered the bullish zone from the neutral region and weekly RSI is inching higher in the neutral region towards the bullish zone.
The daily MACD is moving higher in line with the stock price and has signalled a buy. Both the daily as well as weekly price rate of change indicators are featuring in the positive territory depicting buying interest. Our short-term outlook on the stock is bullish. We expect the stock's uptrend to prolong and touch our price target of Rs 117.5 or Rs 121 in the approaching trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 110.5.
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