Todays Pick

Globus Spirits (₹79.2)

Yoganand D BL Research Bureau | Updated on January 10, 2018 Published on September 21, 2017

The stock of Globus Spirits surged over 5 per cent on Thursday, breaching its 200-day moving average. Though there is a resistance near current level at ₹80, the bias is positive for the stock to break above this hurdle. Investors with a short-term view can buy the stock with a stop-loss at ₹77.5.

Following an intermediate-term downtrend from the September 2016 peak of ₹115, Globus Spirits found a support at ₹63. Since then, it has been on a consolidation phase between ₹63 and ₹80. The price action since April signals a double bottom pattern. The daily RSI has entered the bullish zone and the weekly RSI is on the brink of entering the bullish zone. The stock hovers well above its 50- and 200-DMAs. Short-term price targets are ₹82.5 and ₹84.

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

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