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Investors with a short-term perspective and high-risk appetite can buy the stock of Archidply Industries at current levels. The stock is in an uptrend across all-time frames — short-, medium- and long-term.
In early August, the stock found support at ₹80 and resumed its primary uptrend and has been in a medium-term uptrend since then. Last week, the stock had encountered a key resistance at ₹107 and was testing it. On Wednesday, the stock emphatically breached this hurdle by gaining 7.4 per cent accompanied with good volume. This up move has strengthened both the medium as well as short-term uptrend. The stock trades well above its 21- and 50-day moving averages.
The daily and weekly relative strength indices have entered the bullish zone reinforcing the bullish momentum. Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest. Short-term outlook is bullish for the stock of Archidply Industries. It can breach the current resistance at ₹113 and reach the price targets of ₹118 and ₹120.5. Traders can buy with a stop-loss at ₹110.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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