TRF zoomed 9 per cent accompanied by an increase in volumes on Thursday. Volumes shot up over 7.7 times its two-week average. The medium-term trend has been up for the stock since it took support at ₹86 in August 2013. In early December, the stock decisively broke through its key medium-term resistance at Rs120, which subsequently turned into support.

Recently, the stock took support from this level and continued its medium-term uptrend. Moreover, the stock has emphatically breached its moving average compression (21-, 50- and 200-day moving averages) around Rs 130, strengthening the uptrend.

Both daily and weekly price rate of change indicators are featuring in the positive terrain, implying buying interest. TRF appears to have resumed its medium-term uptrend and its short-term outlook is optimistic. Traders with a short-term horizon can buy the stock at current levels with a stop-loss at Rs133. The short-term targets are Rs142 and Rs 145.

Note: The recommendations are based on technical analysis. There is a risk of loss in trading.