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Investors with a short-term perspective can consider buying the stock of Zuari Global at current levels. The stock found support at around ₹88 in mid-November 2016 and changed direction, triggered by positive divergence in the daily relative strength index. Since then, the stock has been on a short-term uptrend. In early January, the stock emphatically breached its 200-day moving average and a key resistance at ₹100.
On Monday, the stock jumped 4.4 per cent with above-average volume, breaking through another key resistance at ₹110. There has been a rise in daily volumes over the past five trading sessions. . Both the daily and the weekly price rate of change indicators feature in the positive territory, implying buying interest. The short-term outlook for Zuari Global is bullish. It can extend its upmove and reach the price targets of ₹120 and ₹122 in the coming days. Place the stop-loss at ₹112.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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