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Investors with a short-term horizon can buy the stock of Uniply Industries at current levels. Since taking support at ₹375 in early February, the stock has been in a strong rally. While trending up, the stock breached its 21- and 50-DMAs and trades well above them.
On Thursday, the stock jumped 3.3 per cent with above average volume, breaching a key medium-term resistance level at ₹450. The stock has gained almost 14 per cent this week. There has been an increase in daily volume over the past three weeks. The daily relative strength index has entered the bullish zone from the neutral region while the weekly RSI continue to feature in the bullish zone, backing the uptrend. Both the daily and weekly price rate of change indicator feature in the positive territory implying buying interest.
The short-term outlook is bullish for the stock of Uniply Industries. Targets are ₹480 and ₹490 levels. Traders with a short-term view can buy the stock with a stop-loss at ₹454.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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