Todays Pick

Eveready Industries (₹204.8): Buy

Yoganand D | | Updated on: Dec 29, 2020

The stock of Eveready Industries gained 3.8 per cent accompanied by extra-ordinary volume on Tuesday, breaking above a key resistance level of ₹199. In the past two trading session, the stock has gained 10 per cent with good volume and has strengthen the medium as well as short term uptrends. Investors with a short-term horizon can buy the stock at current levels.

The stock has been on a medium term uptrend since it took support at ₹80. After a sideways movement, the stock had conclusively breached a key barrier at ₹150 and continued to trend upwards. The stock appears to have resumed the up-move following a minor dips to ₹175 levels recently. There has been an increase in volume over the past two trading sessions. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continues to feature in the bullish zone.

The short term outlook is bullish for Eveready Industries. It has potential to extend the up-move and reach the price targets of ₹213 and ₹218 levels in the coming weeks. Traders can buy the stock with a stop-loss at ₹199.5.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on December 30, 2020
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