Technical Analysis

Essel Propack (₹122.3): Buy

Yoganand D BL Research Bureau | Updated on April 11, 2019 Published on April 12, 2019

Investors with a short-term perspective can buy the stock of Essel Propack at current levels.

Witnessing buying interest, the stock jumped 4.8 per cent breaking above a key resistance at ₹120. Since taking support at ₹85 in late October 2018, the stock has been in an intermediate-term uptrend. While trending up, the stock decisively breached its moving average compression (21-, 50- and 200-day moving averages) at around ₹109 in February and continued to trend upwards.

The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continue to feature in the bullish terrain. Besides, the daily and weekly price rate of change indicators hovers in the positive terrain implying buying interest.

The short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹127.5 and ₹130 in the upcoming trading sessions. Traders can buy the stock with a stop-loss at ₹119.5.

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

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