Todays Pick

Phillips Carbon Black (₹245.7): Buy

Yoganand D BL Research Burea | Updated on July 26, 2021

The stock of Phillips Carbon Black was on limelight on Monday as it witnessed extraordinary volume along with increase in the price. It gained 5.5 per cent breaking above a vital resistance at ₹242.

Investors with a short-term perspective can buy the stock at current levels as the medium-term uptrend is intact. Since the stock took support at ₹183 in early April, it has been in a medium term uptrend. The stock had surpassed a key resistance at ₹220 in early June and continued to trend upwards. It trades well above the 21- and 50-day moving averages. After a minor sideways movement, the stock has strengthened the uptrend recently.

The daily relative strength index has entered the bullish zone and the weekly RSI continues to feature in the bullish zone backing the uptrend. Besides, the daily as well as the weekly price rate of change indicators are hovering in the positive terrain indicating buying interest. Overall, the short-term outlook is bullish for the stock. It can extend the uptrend and reach the price targets of ₹256 and ₹262 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹240.

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

Published on July 27, 2021

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