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The stock of Gujarat Pipavav Port gained 5.8 per cent on Tuesday with extraordinary volume. During the rally, it decisively breached a key immediate resistance at ₹135. This rally gives traders with a short-term perspective an opportunity to buy the stock at current levels.
Since taking support from the long-term base in the band between ₹126 and ₹130 in August 2017, the stock has been in a medium-term sideways consolidation phase in the range between ₹126 and ₹150. Last Friday, the stock tested the significant support band between ₹126 and ₹130. This support provided cushion for the stock and it subsequently reversed direction triggered by positive divergence in the daily price rate of change indicator.
The stock’s recent rally has breached its 21 and 50-day moving averages shows signs of bullish momentum. The daily Price rate of change indicator has entered the positive territory implying buying interest. There has been an increase in daily volume in the recent times.
The stock is gaining bullish momentum with buying interest. The short-term outlook is bullish for Gujarat Pipavav Port. It can extend its uptrend and reach the price target of ₹146 and ₹149 in the coming trading session. Buy with a stop-loss at ₹136.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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