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Investors with a short-term view can buy Balmer Lawrie & Company at current levels. Following a sharp fall in mid-September, the stock found support at ₹96 and subsequently bounced. Since then, it has been in a short-term uptrend.
While trending up, the stock breached its 21-day moving average and continues to trade above this average line. On Thursday, the stock gained 3.6 per cent, accompanied by above average volume, breaking key resistance at ₹105.
With this rally, the stock has regained bullish momentum and is likely to extend the uptrend.
Both the daily as well as the weekly relative strength indices are charting higher in the neutral region towards the bullish zone. Besides, the daily price rate of change indicator features in the positive territory implying buying interest.
Overall, the short-term outlook is bullish for the stock. The short term price targets are ₹111 and ₹113.5. Traders with a short-term perspective can buy the stock with a stop-loss at ₹104.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading
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