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The stock of EID Parry India gained 7.3 per cent accompanied by above average volume on Wednesday. This rally has strengthened both medium as well as long-term uptrend.
After recording a multi-year low at ₹102 in March 2020, the stock bottomed out. Since then, it has been on a long-term uptrend. In early May this year, the stock had decisively breached a key resistance at ₹360 and continued to trend upwards. Following a short-term corrective decline, the stock found support at ₹377 in early August and reversed direction.
The stock managed to close above the 21- and 50-day moving averages. There has been an increase in volume over the past two trading sessions. The daily RSI has entered the neutral region and the weekly RSI continues to feature in the neutral region. Further, the daily price rate of change indicator has entered the positive territory.
The short-term outlook is bullish and the stock can hit the targets of ₹436 and ₹445. Traders can buy EID Parry with a stop-loss at ₹410.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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