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Investors with a short-term perspective can buy the stock of Praj Industries at current levels.
The stock was in the limelight on Monday, after gaining 6 per cent with above-average volume. This rally has decisively breached a key medium-term resistance at ₹97. In early March, the stock found support at ₹77 and has been on a short-term uptrend since then.
While trending up, the stock had emphatically breached its 200- and 50-day moving averages in early April and currently trades well above these levels.
The daily relative strength index has entered the bullish zone and the weekly RSI is moving higher in the neutral region towards the bullish zone.
Overall, the short-term outlook is bullish for the stock. It can extend the upmove and hit the price targets of ₹104 and ₹106 in the coming trading sessions. Traders with a short-term view can buy with stop-loss at ₹98.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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