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Investors with a short-term view can buy the stock of JK Lakshmi Cement at current levels.
The stock took support ₹180 in early April this year and changed direction triggered by positive divergence on the daily relative strength index and price rate of change indicator. Since late April, the stock has been in a short-term uptrend. But it had encountered a key resistance at ₹223 in mid-April and witnessed a corrective decline.
Key support at around ₹190 had cushioned the stock last week and thus helped the resumption of uptrend. While trending up, the stock had decisively breached its 21- and 50-DMAs and trades well above them.
On Tuesday, conclusively breaking above a key resistance level of ₹223, the stock jumped 5 per cent accompanied by extraordinary volume. This rally has strengthened the uptrend.
The daily RSI has entered the bullish zone and the weekly RSI has entered the neutral region from the bearish zone. Also, the daily price rate of change indicator is hovering in the positive territory implying buying interest.
The short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹244 and ₹249 in the ensuing trading sessions. Traders with a short-term perspective can buy the stock with a stop-loss at ₹229 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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