Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
The stock of Mangalam Cement jumped 10.5 per cent with above-average volume on Tuesday, breaking above a key barrier at ₹300. This rally provides investors with short-term perspective an opportunity to buy the stock at current levels.
In late July this year, the stock took support at ₹210 and reversed direction. Since then, the stock has been in a medium-term uptrend. While trending up, the stock had decisively breached its 50- and 200-day moving averages in mid-September and is trading well above these levels. Also in last September, the stock had conclusively surpassed a key resistance at ₹280, which later turned into a vital support.
After a minor corrective decline, the stock took support from ₹280 and has resumed the uptrend. The short-term trend is also up. There has been an increase in daily volumes over the past one week.
The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI has also decisively entered the bullish zone. Besides, the daily and the weekly price rate of change indicators are featuring in the positive territory, implying buying interest. Overall, the short-term outlook is bullish. The targets are ₹326 and ₹334. Traders can buy with stop-loss at ₹307.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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