Todays Pick

Subros (337.6): Buy

Yoganand D BL Research Bureau | Updated on July 13, 2021

Investors with a short-term perspective can buy the stock of Subros at current levels. Key support in the band between ₹290 and ₹300 halted the stock’s decline in mid-April this year. After a minor up-move, the stock declined and took support at ₹300 in late June; the 200-day moving average also provided base at this level. Subsequently, the stock resumed its long-term uptrend. It has surpassed the 21- and 50-day moving averages.

On Tuesday, the stock gained 3.5 per cent with good volume, breaching a key immediate resistance at ₹325 levels. 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 is on the brink of entering the bullish zone.

Moreover, the daily and the weekly price rate of change indicators are featuring in the positive terrain implying buying interest. The stock can extend the uptrend and reach the price targets of ₹352 and ₹358 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹330 level.

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

Published on July 14, 2021

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