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Bucking the overall market trend, the stock of Capri Global Capital Limited (CGCL) gained on Monday and registered a fresh lifetime high of ₹359. This means the stock might have embarked on another journey upwards. So, it can be expected to be bullish, at least in the near-term. So, traders looking for short-term opportunities can consider buying this scrip.
Even prior to hitting the all-time, the stock has been moving up with intermittent consolidation phases. Over the past week, it was moving within a tight range of ₹340 and ₹350, which now stands breached. Supporting the positive bias, the moving average convergence divergence indicator on the daily chart has been tracing an upward trajectory and the relative strength index continues to hover in the positive region. Also, the average directional index that indicates the strength of a trend is indicating a strong rally.
Taking the above factors into account, traders can be bullish and buy the stock of CGCL with stop-loss at ₹343. On the upside, the scrip can appreciate to ₹365 and ₹372.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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