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The stock of Punjab Chemicals and Crop Protection surged 7 per cent with above average volume on Monday, after taking support from a key medium-term base level around ₹167. Investors with a short-term perspective can buy the stock at current levels.
Following a medium-term downtrend from the early August peak of ₹309, the stock found support at ₹168 in early September. This support level has been playing a vital role for the stock since then. Last month, the stock took support and started moving sideways with a positive bias. Both the daily and weekly relative strength indices are heading higher in the neutral region. The stock has also breached its 21-day moving average. As the stock is reversing higher from a key support level, the short-term outlook has turned positive. The stock can extend its rally and reach the price targets of ₹186 and ₹190 in the upcoming sessions. Buy the stock with a stop-loss at ₹175.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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