Todays Pick

Triveni Engineering & Industries (₹82.8)

Yoganand D | Updated on January 11, 2018 Published on July 25, 2017

Investors with a short-term perspective can consider buying the stock of Triveni Engineering & Industries at current levels. The medium-term downtrend that was in place from the April 2017 peak of ₹100 found support at around ₹68 in late June. Triggered by the positive divergence in the daily relative strength index, the stock changed direction thereafter. Since then, the stock has been on a nascent short-term uptrend.

On Tuesday, the stock emphatically breached a key resistances at ₹80 as well as the 50-day moving average by gaining 6 per cent with good volume. There has been an increase in daily volume over the past five trading sessions. The stock hovers well above its 50- and 200-DMAs. The daily RSI has entered the bullish zone from the neutral region and the weekly RSI is heading towards this zone in the neutral region. The daily price rate of change indicator feature in the positive territory that implies buying interest.

Long-term uptrend is intact and the short-term forecast is also bullish for the stock. It can extend its uptrend and reach the price targets of ₹86.5 and ₹88 in the upcoming trading sessions. Buy the stock with a fixed stop-loss at ₹81.

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

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Published on July 25, 2017
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