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Investors with a short-term view can buy the stock of Atlanta at current levels. The stock jumped 5.4 per cent accompanied with above average volume, breaching a key immediate resistance level of ₹99 on Tuesday. Moreover, this rally has decisively breached the medium-term downtrend-line that was in place from May and has strengthened the bullish momentum.
The stock found support at around ₹80 in late September and started the trend upward witnessing buying interest. Since then, the stock has been in a short-term uptrend. This uptrend is backed with good volume. While trending up, the stock emphatically breached its 50- as well as 200-day moving averages in early October and trades well above them.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering this zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest.
Short-term outlook is bullish for Atlanta. Traders can buy the stock with a stop-loss at ₹99.5. Short-term targets are ₹106.5 and ₹108.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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