Comments
Investors with a short-term horizon can buy the stock of Shipping Corporation of India at current levels. It is apparent from the stock’s chart that since the August 2013 low of ₹26, it has been on an intermediate-term uptrend. However, after making a 52-week high at ₹73 this June, the stock was on a corrective downtrend till early August. Subsequently, the stock took support after recording a low of ₹54 and resumed its uptrend. On Thursday, the stock conclusively broke through a key resistance as well as a downtrend-line around ₹59. There has been an increase in daily volumes over the past four trading sessions.
The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI has entered this zone. With the decisive breakthrough of the long-term resistance, the stock has reinforced bullish momentum. The short-term targets are ₹65 and then ₹66.5 levels. Buy the stock with a stop-loss at ₹61.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.