Cupid (₹310.5)

The stock of Cupid gained 6.7 per cent with good volume on Tuesday, breaking above the key resistances at ₹290 and ₹305. This rally gives investors with a short-term perspective an opportunity to buy the stock at current levels. Following a medium-term downtrend from the March high of ₹364, the stock found support at around ₹275 in late June. Subsequently, the stock reversed direction and has been on a short-term uptrend since then. While trending up, the stock has emphatically breached its 21 and 50-day moving averages.

Tuesday’s 6.7 per cent rally has decisively breached the stock’s medium-term downtrend as well as key resistances. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is trending up in the neutral region. The daily price rate of change indicator is featuring in the positive territory indicating buying interest. The short-term outlook is bullish for the stock of Cupid. Traders with a short-term perspective can consider buying the stock with a stop-loss at ₹304. Short-term price targets are ₹323 and ₹330 levels.

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

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