Today's Pick

Voltas (₹328.6)

Yoganand D BL Research Bureau | Updated on January 16, 2018 Published on December 29, 2016

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Investors with a short-term view can consider buying the stock of Voltas at current levels. On Thursday, the stock advanced 3.8 per cent breaching its immediate resistance around ₹325. After falling back to the 61.8 per cent Fibonacci retracement level of the prior downtrend, the stock found support at ₹290 in mid-November. It subsequently resumed its intermediate-term uptrend that has been in place since taking support at ₹220 in late February.

The recent upmove has decisively breached the 21-DMA and hovers well above it. The daily relative strength index is moving up towards the bullish zone in the neutral region. Also, the daily price rate of change indicator is featuring in the positive territory implying buying interest. The stock appears to have resumed its intermediate-term uptrend. The short-term outlook is also bullish. Traders can buy the stock with a stop-loss at ₹322. Targets are ₹340 and ₹350 levels.

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

Published on December 29, 2016
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