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The stock of Balrampur Chini Mills was on highlight on Wednesday and it surged 3.4 per cent accompanied by above average volume, breaking above the key resistances at ₹155. Investors with short-term perspective can buy the stock at current levels.
Since the stock took support at ₹109 in mid-August 2019, it has been in a medium-term uptrend. Key support at around ₹140 provided base in mid-November and the stock has been in a short-term uptrend since then. While trending up, the stock breached its 21- and 50-DMAs and it hovers well above them.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. Likewise, the daily price rate of change indicator features in the positive terrain implying buying interest while the weekly indicator is likely to re-enter the positive terrain.
With the recent rally, the stock appears to have resumed the medium-term uptrend. Overall, the short-term outlook is bullish for Balrampur Chini Mills. Short-term targets are ₹167 and ₹170. Traders with a short-term view can buy with a stop-loss at ₹157.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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