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Traders with short-term perspective can buy the stock of Interglobe Aviation, showing signs of fresh rally. The stock, which has been in a downtrend since early October last year, declined from ₹1,890 to the prior low around ₹1,283. The price level of ₹1,283 is a considerable support from where the stock has bounced back to the current market price of ₹1,420.
Yesterday, the stock advanced and closed above an important level of ₹1,400, opening the door for further appreciation. Corroborating the bullish outlook, the daily Relative Strength Index (RSI) is showing a fresh uptick and the Moving Average Convergence Divergence (MACD) indicator in the daily chart is showing a good bullish momentum. Also, the stock has moved past both 21- and 50-day moving averages. These factors indicate that the stock will most likely move upward from current level. Thus, for the short-term, traders can buy the stock on declines with stop-loss at ₹1,375 for a target of ₹1,525.
Resistances: ₹1,476 and ₹1,525
Supports: ₹1,400 and ₹1,360
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