Technical Analysis

BLS International Services (₹174): Buy

Yoganand D BL Research Bureau | Updated on July 04, 2018 Published on July 04, 2018

Investors with a short-term perspective can buy the stock of BLS International Services at current levels. Following a medium-term downtrend from the January peak of ₹293, the stock found support at ₹115 in late March this year. Subsequently, the stock changed direction triggered by positive divergence in daily relative strength index. Since then, the stock has been in a short-term uptrend.

After a corrective down-move, the stock found support at ₹140 in the previous week and resumed its uptrend. Strengthening the uptrend, the stock gained 6.8 per cent accompanied with good volume breaching its 21- and 50-day moving averages on Wednesday. The daily RSI is on the brink of entering the bullish zone from the neutral region and the weekly RSI continues to feature in the neutral region. Near-term outlook is bullish for the stock of BLS International Services. Traders with a near-term perspective can buy the stock with a stop-loss at ₹170. Targets are ₹181 and ₹185 levels.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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