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Following the breakout of Friday, the stock of EID-Parry has turned its near-term trend positive and is providing short-term buying opportunity now.
The stock was quick in recovering after it registered a staggering 58 per cent fall during February and March this year. The price decelerated from a high of ₹245 to a 52-week low of ₹102.1. However, the stock started to appreciate from that level and the uptrend gained momentum in late May. Last week, though the stock went on to break the critical resistance at ₹245, started to consolidate between ₹264 and ₹280. However, on Monday, it closed above ₹280 after registering a new 52-week high of ₹295.6 — also the highest price since March 2018.
Indicating a strong uptrend, the daily RSI has been rising. The MACD indicator on the daily chart is showing a strong bullish momentum. On the back of these factors, traders can buy the stock with stop-loss at ₹275. Potential short-term targets are ₹295 and ₹300.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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