Comments
Investors with a short-term perspective can buy the stock of Dhampur Sugar Mills at current levels as the stock has rediscovered its bullish momentum.
On Tuesday, the stock jumped 12.4 per cent accompanied with above average volume, breaching above the 200-day moving average.
After a near-term corrective decline in late September, the stock found support at ₹100 which is also a key psychological support level. Subsequently, the stock resumed its short-term uptrend that has been in place since early September.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is likely to enter the bullish zone from the neutral region. The daily price rate of change indicator has entered the positive territory implying buying interest. The stock trades well above its 21- and 50-day moving averages.
The short-term outlook is bullish for the stock. It can extend the up-move and reach the price targets of ₹148 and ₹151 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹139.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.