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Podcast | Today's Pick: Sterlite Technologies

| Updated on June 02, 2020 Published on June 02, 2020

Investors with short-term perspective can buy the stock of Sterlite Technologies at current levels. The stock recorded a 52-week low at ₹59.8 in early March this year and began to move sideways. It subsequently took support in the band between ₹59 and ₹63 and started to trend upwards in early April.

On Tuesday, the stock jumped 6.4 per cent with above average volume, breaching a key medium-term resistance at ₹100. Moreover, the stock trades well above its 21- and 50-day moving averages.

The short-term forecast is bullish for the stock. It has potential to trend upwards and reach the price targets of ₹110.5 and ₹112.5 in the forthcoming trading sessions. Traders with a short-term perspective can buy the stock with a stop-loss at ₹103.

Published on June 02, 2020