Technical Analysis

Kiri Industries (₹453.6): Buy

BL Research Bureau | Updated on May 22, 2018 Published on May 22, 2018

Investors with a short-term perspective can consider buying the stock of Kiri Industries at current levels. After recording a multi-year high at ₹675 in January this year, the stock started to decline and was on a medium-term downtrend till early May. Nevertheless, the stock found support at a long-term base in the range between ₹400 and ₹410 in early May, which halted the downtrend. On Tuesday, the stock surged 6 per cent and breached its 21- and 50-DMAs.

The short-term outlook is bullish for the stock. It can extend its upmove and reach the price targets of ₹472 and ₹482 in the forthcoming trading sessions. Traders can buy the stock with stop-loss at ₹443.5.

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

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