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The stock of Greenply Industries gained 3.7 per cent accompanied by above average volume breaking above a key resistance at ₹169 on Thursday. Investors with a short-term perspective can buy the stock at current levels.
Since recording a 52-week low at ₹110 in late October 2018, the stock has been in an intermediate-term uptrend. In late May, the stock conclusively breached its moving average compression (21-, 50- and 200-day moving averages) at ₹150, and thereafter, started to move sideways with a positive bias.
Short-term trend is up for the stock. It trades way above the 50- and 200-day moving averages. There has been an increase in daily volume over the past three trading sessions. The daily relative strength index features in the bullish zone and the weekly RSI is on the brink of entering the bullish zone from the neutral region. Moreover, the daily and weekly price rate of change indicators hover in the positive terrain implying buying interest.
Outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹180 and ₹183.5 in the upcoming trading sessions. Buy the stock with a stop-loss at 169.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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