Investors with a contrarian view can buy the stock of Bharat Dynamics at current levels. The stock began to decline after recording a 52-week high at three-hundred-and-sixty-five rupees in November 2019. It witnessed a sharp fall in early December as well. But, a key medium-term support in the band between two-hundred-and-eighty-rupees and two-hundred-and-eighty-five rupees arrested the stock’s fall in mid-December.
On Thursday, the stock jumped 7 per cent accompanied by good volume, breaking above a key resistance at two-hundred-and-ninety-five-rupees.
The short-term outlook of the stock appears to be positive. It can extend the rally and reach the price targets of three-hundred-and-fourteen rupees and three-hundred-and-twenty rupees in the upcoming trading sessions. Traders can buy the stock of Bharat Dynamic with a stop-loss at two-hundred-and-ninety-five rupees.