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The stock of Essel Propack gained 5 per cent with good volume on Tuesday, breaking above a key resistance level of ₹245. The long-term trend has been up for the stock since taking support at around ₹133 in February 2016. Within this uptrend, the stock has in a sideways consolidation phase in a wide range between ₹225 and ₹265 since last October. After consolidating in a narrow range between ₹225 and ₹245 for almost two months, the stock broke the range decisively above ₹245 on Tuesday.
The stock trades well above its 50- and 200-day moving averages. The daily relative strength index has entered the bullish zone from the neutral region. Likewise, weekly RSI has also entered the bullish zone adds strength to the stock's uptrend. Both the daily and weekly price rate of change indicators are featuring in the positive territory implying buying interest. The short-term outlook is bullish for the stock . Traders with a short-term horizon can buy the stock with a stop-loss at ₹247. The short-term targets are ₹264 and ₹269.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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