Technical Analysis

Century Plyboards India (₹177.7): Buy

Yoganand D | Updated on November 14, 2019 Published on November 15, 2019

Investors with a short-term horizon can buy the stock of Century Plyboards India at current levels. On Thursday, the stock jumped 7 per cent accompanied by extraordinary volume breaking above a key immediate resistance at ₹172. This rally has underpinned the medium-term uptrend that has been in place since the stock took support at ₹112 in early August this year. While trending up the stock had decisively breached its 50 and 200-day moving averages and hovers well above them. Short-term trend is also up for the stock. After a near-term sideways movement at around ₹170, the stock appears to have resumed the uptrend recently.

 Also, this strengthens the bullish momentum. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is likely to enter this zone. Besides, the daily as well as the weekly price rate of change indicators features in the positive territory implying buying interest. There has been an increase in daily volume over last one week. Short-term outlook is bullish for the stock. It can extend the uptrend and reach the price targets of ₹185 and ₹188.5 in the coming trading sessions. Buy the stock with a stop-loss at ₹173.5. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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Published on November 15, 2019
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