Ganesh Housing Corporation (₹143.9): Buy

   The stock of Ganesh Housing Corporation gained 4 per cent accompanied with good volume on Wednesday, breaching a key resistance at around ₹140. This rally strengthens the stock’s short-term uptrend that has been in place from this March low of ₹117. Investors with a short-term view can buy the stock at current levels. The stock ended its medium-term downtrend that had in place from the January peak of ₹189 in late March. Subsequently, the stock changed direction and continues to trend upwards.

On Monday, the stock jumped about 4 per cent with an upward gap, breaching its 200-day moving average. The stock trades well above its 50- and 200-DMAs. The daily as well as weekly price rate of change indicators are featuring in the positive territory implying buying interest.

Short-term outlook is bullish for the stock. It can continue to trend upwards and knock the price targets of ₹150 and ₹153 in the upcoming trading sessions. Traders can buy the stock with a stop-loss at ₹140.5.

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

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