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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The stock of Avanti Feeds jumped 10 per cent with above-average volume, breaching a key near-term resistance at ₹325 as well as the 21-day moving average, on Wednesday. This rally provides an opportunity for investors with a short term view to buy the stock.
After a medium-term downtrend from a January high of ₹769, the stock recorded a 52-week low at ₹250 in late March. It, thereafter, changed direction, triggered by positive divergence in the daily relative strength index (RSI) and price rate of change indicator.
There has been an increase in volume over the past two trading sessions. The daily RSI has entered the neutral region from the bearish zone and the weekly RSI is on the brink of entering the neutral region from the bearish zone. Besides, the daily price rate of change indicator has entered the positive terrain, indicating buying interest.
The short-term outlook is bullish for the stock. It has the potential to extend the rally and reach the price targets of 356 and ₹363 in the ensuing trading sessions. Traders with a short-term horizon can buy with a stop-loss at ₹333 level.
The recommendations are based on technical analysis. There is a risk of loss in trading
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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