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Investors with a short-term perspective can buy the stock of GHCL at current levels. The stock found support at ₹178.5 which is its 52-week low in late August, after a medium-term downtrend from the May high of ₹277. Subsequently, the stock changed direction triggered by positive divergence in the daily price rate of change indicator and the daily relative strength index. Since then, the stock has been on a short-term uptrend.
Following a corrective decline, it took support at around ₹200 last week and resumed the uptrend. On Tuesday, the stock gained 5.7 per cent accompanied by above average volume breaching its 21- and 50-day moving averages. With this rally, the stock is likely to continue to trend upwards.
There has been an increase in daily volume over the past five trading sessions. The daily as well as the weekly RSI are charting upwards in the neutral region. Besides, both the daily and the weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
The stock can trend upwards and reach the price targets of ₹221 and ₹225 in the short term. Traders can buy with a stop-loss at ₹207.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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