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Yoganand D Investors with a short-term perspective can buy the stock of VRL Logistics at current price. The stock has taken support at the immediate base level of ₹405 and has risen 5.3 per cent with above average volume on Thursday. With this rally, the stock appears to have resumed its short- as well as the long-term uptrend.
Since taking support at ₹257 in December 2016, the stock has been in a long-term uptrend. The stock trades well above its 50- and 200-day moving averages. The daily relative strength index has entered the bullish zone from the neutral region, backs the uptrend. Moreover, the weekly RSI is on the brink of entering the bullish zone from the neutral region.
Both the daily and weekly price rate of change indicators are featuring in the positive terrain implying buying interest.
The short-term outlook is bullish for VRL Logistics. The stock can continue to trend upward and reach the price targets of ₹446 and ₹455 in the short term. Traders can buy the stock with a stop-loss at ₹420.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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