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Investors with a short-term horizon can buy the stock of Triveni Engineering & Industries at current levels.
Following a medium-term downtrend, the stock found support at ₹41 in late January this year. Subsequently, the stock changed direction triggered by a positive divergence in the daily relative strength index. Since then, the stock has been in a near-term uptrend. While trending up, the stock has breached its 21- and 50-DMA resistances. There has been an increase in daily volume over the past two weeks.
On Monday, the stock surged 4.6 per cent with an above average volume, reinforcing the bullish momentum. The daily relative strength index is likely to enter the bullish zone from the neutral region and the weekly RSI features in the neutral region with a positive bias. Besides, the daily price change indicator hovers in the positive territory implying buying interest.
The short-term outlook is bullish for the stock of Triveni Engineering & Industries. Short-term targets are ₹50 and ₹51. Traders can buy the stock with a stop-loss at ₹46.5 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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