Greenply Industries (₹283.9)

Investors with a short-term perspective can consider buying the stock of Greenply Industries at current levels. The stock jumped 4.8 per cent with an above average volume on Thursday, breaching a key immediate resistance at ₹274 and has turned the short-term outlook bullish. Moreover, this up move has emphatically surpassed the 50- and 200-day moving average resistances. The stock has been on a long-term uptrend since taking support at ₹161 in March 2016.

The corrective fall thad had begun earlier this year in February found support at ₹260 in early June and the stock subsequently started to move upwards. With the recent rally, the stock appears to have resumed its primary uptrend. Both the daily as well as the weekly relative strength indices are on the brink of entering the bullish zone from the neutral region.

The daily and weekly price rate of change indicators have entered the positive territory implying emergence of buying interest at current levels. The stock can extend its uptrend and reach the price targets of ₹296 and ₹302 in the ensuing trading sessions. Buy the stock with a stop-lossat ₹277.5.

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

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