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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The stock of Castrol India jumped 5.6 per cent on Monday, breaking above a key resistance at ₹140 with good volume. This rally provides traders with a short-term perspective an opportunity to buy the stock at current levels.
Following a corrective decline in the months of November and December 2019, the stock found support at ₹125 in early January 2020. Triggered by positive divergence in the daily relative strength index and moving average convergence divergence indicator the stock changed direction in early January. Since then the stock has been in a short-term uptrend.
While trending up, the stock breached its moving average compression (21-, 50- and 200-day moving averages) at around ₹130 last week. The stock now trades well above these moving averages. There has been an increase in daily volume over the past three weeks.
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. Moreover, the daily as well as the weekly price rate of change indicators are featuring in the positive terrain implying buying interest.
The short-term outlook is bullish. The stock has the potential to trend upwards and reach the price targets of ₹153 and ₹156 in the ensuing trading sessions. Traders can buy with a stop-loss at ₹144.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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