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The stock of Ujjivan Financial Services gained 6.5 per cent with above average volume in today's trading session, surpassing a key resistance at ₹400. Investors with a short-term view can buy the stock at current levels.
This current up move has strengthened the medium-term uptrend that has been in place since the stock took support at ₹263 in mid-November last year. It had breached a key resistance at ₹320 in early December and continued to trend upwards. Short-term trend is also up now.
The stock trades well above its 21- and 50-day moving averages. The daily as well as the weekly relative strength indices feature in the bullish zone, backing the uptrend. Also, the daily price rate of change indicator hovers in the positive terrain implying buying interest. The short-term outlook is positive for the stock. It can continue to trend upwards and hits the price target of ₹425 and ₹430 in the coming trading sessions. Traders can buy with a stop-loss at ₹395.
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