Technical Analysis

Birla Cable (₹ 211.3): Buy

Yoganand D | Updated on November 20, 2018 Published on November 20, 2018

Breaching a key resistance at ₹200, the stock of Birla Cable surged 4.8 per cent accompanied with an above average volume on Tuesday. This rally gives an opportunity to buy the stock for the short-term perspective traders.

Since taking support at ₹123 in early October, the stock has been on a short-term uptrend. Moreover, the medium as well as long-term trends are also up for the stock. There has been an increase in daily volume over the past one month. The stock trades well above its 21- and 50-day moving averages. Both the daily as well as weekly relative strength indices are featuring in the bullish zone. Further, the daily and weekly price rate of change indicators are hovering in the positive territory implying buying interest.

Reinforcing the bullish momentum, the stock has gained 10 per cent in the last two trading sessions. The short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹220 and ₹224 in the upcoming trading sessions. Traders can buy the stock with a stop-loss at ₹207.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on November 20, 2018

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