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Yoganand D Investors with a short-term perspective can buy the stock of Essel Propack at current levels. On Tuesday, the stock jumped 4.8 per cent accompanied with an extraordinary volume, breaking above a significant medium-term resistance at ₹120.
The stock has been in limelight over the past three sessions and has been witnessing sharp rallies backed with good volume. It trades well above its 21- and 50-day moving averages. Following a medium-term downtrend, the stock found support at ₹103 in mid-July and changed direction triggered by positive divergence in the daily relative strength index as well as price rate of change indicator. Since then, the stock has been in a short-term uptrend.
The daily and weekly RSI features in the bullish zone and the neutral region, respectively. Further, the daily price rate of change indicator hover in the positive territory implying buying interest.
Short-term forecast is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹130 and ₹132. Traders can buy with a stop-loss at ₹122.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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