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The stock of Speciality Restaurants surged 10 per cent with extraordinary volume on Wednesday, breaching a key resistance level of ₹110. Investors with a short-term view can consider buying the stock at current levels or on minor dips. Since taking support at around ₹75 in mid-June, the stock has been on a short-term uptrend. While trending up, the stock decisively breached its 200-DMA and a key resistance level at ₹93 in late June. So far, the stock has gained 15 per cent for the week. It currently trades well above its 21 and 50-day moving averages.
The daily and weekly price rate of change indicators are featuring in the bullish zone backing the uptrend. Moreover, the daily as well as the weekly price rate of change indicators is hovering in the positive terrain implying buying interest. The short-term outlook is bullish for the stock. Traders with a short-term perspective can buy at current levels and also make use of correction to accumulate the stock while maintaining a fixed stop-loss at ₹110. Short-term price targets are ₹118.5 and ₹121.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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