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Investors with a short-term perspective can buy the stock of BGR Energy Systems at current levels. The stock found support in the band between ₹125 and ₹130 in August 2017 and started to consolidate sideways. Since then, the key support band has been consistently cushioning the stock and has been limiting the downside.
In December the stock took support from ₹130 and began to trend upwards and has been in a short-term uptrend since then.
On Thursday, the stock surged 6 per cent with an above average volume emphatically breaching its 200-DMA and a key resistance at ₹145. The daily price rate of change indicator featuring in the positive territory implies buying interest.
The short-term outlook is bullish for BGR Energy Systems. It can extend the rally and reach the price targets of ₹155 and ₹158 in the coming days. Traders can buy the stock with a stop-loss at ₹145.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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