PC Jeweller (₹452.1)

Investors with a short-term perspective can consider buying the stock of PC Jeweller at current levels. The stock jumped 5 per cent accompanied with above average volume on Thursday. With the recent up-move, the stock appears to have resumed its intermediate-term uptrend after a near-term correction. The 200-DMA line poised at around ₹420 provided base for the stock. Moreover, a key medium-term support at ₹420 also cushioned the stock's decline.

Taking support the stock has surged breaching its immediate resistance level of ₹440. The intermediate-term uptrend has been in place since Last November. Medium-term trend is also up for the stock. It trades well above its 50 and 200-day moving averages. The daily relative strength index is moving higher in the neutral region and is on the brink of entering the bullish zone. The weekly RSI continue to feature in the bullish zone backing the medium-term uptrend. Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest. The short-term outlook is bullish for the stock. It can move higher and reach the price targets of ₹470 and ₹480 in the short term. Buy the stock with a stop-loss at ₹442.

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

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get





MORE FROM BUSINESSLINE


 Getting recommendations just for you...
This article is closed for comments.
Please Email the Editor