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Breaching its key resistance at ₹210, the stock of Navkar Corporation gained 4 per cent on Tuesday. Investors with a short-term perspective can consider buying the stock at current levels. After forming a double bottom pattern which is a bullish reversal pattern, between last December last and March, the stock broke out of this pattern in early April with a sharp rally. Thereafter the stock started to move sideways with an upward bias.
Key support at ₹200 provided base for the stock in the month of April. It trades well above its 50 and 200-DMAs. Medium as well as short-term trends are up for the stock. The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI continues to hover in the bullish zone.
The shot-term outlook is bullish for the stock. It can continue its uptrend and reach our price targets of ₹223 and ₹228 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹209.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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