Today's Pick

Uniphos Enterprises (₹78)

Yoganand D BL Research Bureau | Updated on January 12, 2018 Published on January 17, 2017

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Uniphos Enterprises jumped 7.9 per cent with extraordinary volume, breaking through a key resistance at ₹73.5 on Tuesday. Since taking support at ₹30 in February 2016, the stock has been on an intermediate-term uptrend. But it encountered a key resistance at ₹73.5 in September and was on a sideways movement. Tuesday’s gain has halted this sideways consolidation and has turned the short-term trend up.

The stock trades well above its 21- and 50-DMAs. The daily and weekly price rate of change indicators feature in the positive terrain implying buying interest. There in an increase in weekly volume over the past two weeks. With the recent breakthrough of the key resistance at ₹73.5, the stock appears to have resumed its intermediate-term uptrend.

The short-term outlook is bullish. Traders with a short-term horizon can buy the stock with stop-loss at ₹76. Short-term targets are ₹81.5 and ₹83.

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

Published on January 17, 2017
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