We recommend a buy in the stock of Rallis India from a short-term perspective. It is evident from the charts of the stock that it has been on an intermediate-term uptrend since bottoming out in late April this year at Rs 111. The stock has been forming higher peaks and troughs. Last month, the stock took support at Rs 135 and resumed its uptrend. On Wednesday, the stock advanced almost 4 per cent with extraordinary volumes breaching its immediate resistance at Rs 145. With this rally the stock appears to have resumed its medium-term uptrend. It is hovering well above its 50- and 200-day moving averages. Both daily as well as weekly relative strength index are about to entered the bullish zone from the neutral region. The daily moving average convergence divergence indicator has signalled a buy and weekly indicator is moving higher in line with the stock price implying upward momentum. The daily and weekly price rate of change indicators are hovering in the positive area signalling buying interest. Medium-term up trendline is intact with the stock. Our short-term outlook on the stock is bullish. We expect its upmove to continue and reach our price target of Rs 155 or Rs 158 in the upcoming trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 145.5 levels.

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