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The stock of Bharat Gears gained 5.5 per cent breaking above a key resistance level of ₹130 decisively with above average volume on Wednesday. Investors with a short-term perspective can take this opportunity to buy the stock at current levels. The stock has been on an intermediate-term uptrend, forming higher peaks and troughs since taking support at ₹85 in November 2016. .
Wednesday’s rally has taken the stock well above the resistance level at ₹130. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. The stock trades well above its 50 and 200-DMAs. Buying interest is also visible as the daily price rate of change indicator has re-entered the positive territory. Short-term outlook is bullish for Bharat Gears. The stock can extend its uptrend and reach the price targets of ₹143.5 and ₹146.5. Buy with a stop-loss at ₹135.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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