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Investors with a short-term perspective can buy the stock of Walchandnagar Industries at current levels. A significant long-term base in the band between ₹132 and ₹135 provided support to the stock in November 2016 and again in March. Subsequently the stock reversed higher. Since mid-March, the stock has been in a near-term uptrend.
On Thursday, the stock breached a key immediate resistance at ₹150 gaining 3.5 per cent with above-average volume. This rally has also breached the 200-day moving average resistance. The stock is now poised well above its 21- and 50-DMAs. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is trending higher in the neutral region.
The short-term forecast is bullish for Walchandnagar Industries. Traders with a short-term view can buy the stock with stop-loss at ₹150.5, for targets at ₹160 and ₹163 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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