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Investors with a short-term perspective can buy the stock of Tribhovandas Bhimji Zaveri (TBZ) at current levels.
Significant long-term support placed in the band between ₹85 and ₹90 provided a base for the stock once again in late March this year. The medium-term downtrend that commenced from the January peak of ₹155 came to a halt at ₹85 in March. Triggered by positive divergence in the daily indicators such as price rate of change and moving average convergence divergence, the stock changed direction. Since then, the stock has been in a near-term uptrend. This uptrend has been gathering bullish momentum.
On Tuesday, the stock rose 5.7 per cent breaching a resistance at ₹107. The daily relative strength index has re-entered the bullish zone from the neutral region. The outlook is bullish for the stock. Traders can buy the stock with stop-loss at ₹106.5. Short-term targets are ₹113.5 and ₹116.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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