Investors with a short-term perspective can buy the stock of Globus Spirits at current levels. After recording a 52-week high at ₹178 in early January this year, the stock started to decline. It was on a medium-term downtrend until it found support at ₹114 in late March. Subsequently, the stock has changed direction, triggered by positive divergence in daily indicators. Last week, the stock advanced 12 per cent with good volume. Extending this bullish momentum the stock gained 7.4 per cent on Monday and has breached a key near-term resistance level of ₹136. With this rally, the medium-term downtrend appears to have ended and the stock is in a budding uptrend. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering this zone. The daily price rate of change indicator feature in the positive territory indicating buying interest. The short-term outlook is bullish for the stock. It can continue to trend up and reach the price targets of ₹146.5 and ₹150 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹137.5.

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

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