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Investors with a short-term horizon can buy the stock of KRBL at current levels. The stock jumped 6.3 per cent accompanied by above average volume and surpassed a key immediate resistance at around ₹290 on Tuesday. This rally has helped the stock to resume its medium-term uptrend that has been in place since it took support at ₹187 in mid-November last year.
After a corrective decline, the stock took support at ₹260 in early January and had breached its 200-DMA in early January. It trades well above 50- and 200-day moving averages. The short-term trend is also up now.
Both the daily and the weekly relative strength indices have entered the bullish zone from the neutral region backing the bullish momentum. Likewise, the daily as well as the weekly price rate of change indicators hover in the positive terrain implying buying interest.
With the resumption of uptrend, the short-term outlook has turned bullish for the stock. It has potential to trend upwards and reach the price targets of ₹310 and ₹315 in the ensuing trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹290.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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