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Investors with a short-term perspective can consider buying the stock of Lumax Auto Technologies at current levels. Since taking support at ₹128 in late June 2018, the stock has been on a medium-term uptrend. Short-term trend is also up for the stock.
The recent corrective fall has found support at ₹175 and the stock has subsequently bounced up strongly. The key support in the ₹175 and ₹180 band cushioned the stock. From this support the stock zoomed on Tuesday, gaining over 10 per cent accompanied with above average volume.
The stock currently trades well above its 50- as well as 200-day moving averages. The daily and weekly relative strength indices are on the brink of entering the bullish zone from the neutral region. Further, the daily and weekly price rate of change indicators are 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 target of ₹205 and ₹210 in the ensuing trading sessions. Traders can buy with a stop-loss at ₹192.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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