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Investors with a contrarian view can buy the stock of GHCL at current levels. The stock jumped 5.5 per cent with good volume on Thursday, breaching above a key resistance at ₹255. Moreover, the stock has also decisively surpassed its 21-day moving average poised at ₹250.
After an intermediate-term downtrend from the January peak of ₹357, the stock found support at ₹232 in late July. Thereafter the stock started to gradually trend upwards. It trades well above its 21-day moving average. The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI is hovering in the neutral region. The daily price rate of change indicator has entered the positive territory indicating buying interest.
The near-term outlook is bullish for the stock of GHCL. It can extend the ongoing uptrend and hit the price targets of ₹271 and ₹276 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹255.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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