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Investors with a short-term perspective can buy the stock of Dish TV India at current levels, which is gaining momentum over the past three trading sessions. The stock has been in a short-term uptrend since recording a 52-week low of ₹68 on October 24. This trend reversal was triggered by positive divergence in the weekly moving average convergence divergence and daily price rate of change.
While trending up, the stock emphatically breached key resistances at ₹75 and ₹80. Moreover, the stock has also surpassed its 21 and 50-day moving averages and trades well above them. The on going short-term uptrend is backed with good volume which is positive for the uptrend.
On Monday, the stock jumped 4.6 per cent with above average volume breached a vital resistance at ₹84. The daily relative strength index feature in the bullish zone and the weekly RSI is on the brink of entering this zone from the neutral region. Both the daily and weekly price rate of change indicators hover in the positive territory implying buying interest.
Overall, the short-term outlook is bullish for Dish TV. Traders with a short-term perspective can buy with a stop-loss at 83.5. Targets are ₹89 and ₹91.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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