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The stock of Finolex Industries gained 13 per cent accompanied by extraordinary volume on Monday, breaking above a key resistance at ₹411. This rally provides an opportunity to buy the stock at current levels for investors with a short-term perspective.
Following a sharp fall in mid-March, the stock recorded a 52-week low at ₹283 and found support. Subsequently, the stock bounced up from the oversold territory and has been in a near-term uptrend since then. After a minor pause at around ₹400, it appears to have resumed the uptrend on Monday by surpassing a key resistance as well as 21-day moving average.
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