Todays Pick

Phillips Carbon Black (₹161.7): Buy

Yoganand D BL Research Bureau | Updated on November 19, 2020

A view of Phillips Carbon Black's Durgapur unit

Investors with a short-term view can buy the stock of Phillips Carbon Black at current levels. The stock jumped 4 per cent with the extraordinary volume on Thursday, surpassing a key resistance at ₹157. The stock has been in an intermediate-term uptrend since registering a 52-week low at ₹54 in late March this year. It has been forming higher peaks and higher troughs. Both medium, as well as short term trends, are up. In early November, the stock took support ₹140 and continued to trend upwards, strengthening the uptrend.

Moreover, the stock trades well above its 21- and 50-day moving averages. The daily and the weekly relative strength indices feature in the bullish zone backing the uptrend. Besides, the daily and the weekly price rate of change indicator hovers in the positive terrain implying buying interest. The short-term outlook is bullish for the stock. It can extend the on-going uptrend and reach the price targets of ₹169 and ₹173 in the ensuing trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹157. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on November 20, 2020

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