Investors with a short-term perspective can buy the stock of Gateway Distriparks at current levels. The stock took support at ₹70 in early and reversed direction triggered by positive divergence on the daily relative strength index. Since then, the stock has been on an intermediate-term uptrend.

In mid-November, the stock conclusively breached a vital medium term resistance at ₹100 and continued to trend upwards. Over the past one and half months the stock has been on a short term uptrend. On Wednesday, the stock surged 4.4 per cent with good volume strengthening the short term uptrend. The stock trades well above the 50- and 200-day moving averages.

The daily as well as the weekly relative strength indices are featuring in the bullish zone backing the uptrend. Further, the daily as well as the weekly price rate of change indicators are hovering in the positive territory indicating buying interest. There has been an increase in volume over the past three weeks.

The outlook is bullish for the stock and it has strength to extend the rally in the coming trading sessions. Short-term targets are ₹125 and ₹127. Traders with a short term horizon can buy the stock with a stop-loss at ₹116.5. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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