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Investors with a short-term perspective can buy the stock of Dhampur Sugar Mills at current levels. Following a short-term downtrend in the months of October and November this year, the stock found support at ₹164 in early December. Triggered by positive divergence in the daily relative strength index and price rate of change indicator, the stock changed direction recently. Over last one week, the stock has been trending up. It has breached the 21-day moving averages while trending up.
On Monday, the stock jumped 5 per cent accompanied by above average volume reinforcing the uptrend. Also, there has been an increase in daily volume over the past four trading sessions. The daily price rate of change indicator features in the positive terrain implying buying interest. The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI features in the neutral region.
The short-term outlook is bullish for Dhampur Sugar Mills. It has the potential to trend upwards and reach the price targets of ₹202 and ₹206 in the upcoming sessions. Traders can buy the stock with a stop-loss at ₹188.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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