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Investors with a short-term horizon can buy the stock of Gateway Distriparks at current levels. The stock jumped 8 per cent accompanied by good volume on Tuesday, breaking above a key resistance at ₹145 and the 200-day moving average poised at ₹140.
Since taking support in the band between ₹99 and ₹100 in January this year, the stock has been in a medium-term uptrend. The stock had decisively breached its 21- and 50-day moving averages on Monday and hovers well above them. The short-term trend is also up for the stock.
There has been an increase in daily volume over the past two week. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering this zone from the neutral region. Moreover, both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest.
The short-term outlook is bullish for Gateway Distriparks. The stock can continue to trend upwards and reach the price targets of ₹158.5 and ₹161.5 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹149.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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