Mcleod Russel India (₹172.4)

Investors with a short-term view can buy the stock of Mcleod Russel India at current levels. Following a medium-term downtrend from the May high of ₹196, the stock found support at around ₹155 in late September this year. Subsequently, the stock reversed direction and started to trend upwards. Since then, the stock has been in a budding short-term uptrend.

On Monday, the stock advanced 3.6 per cent breaching a key immediate resistance at ₹170, accompanied with good volume. Moreover, this rally has also breached the 21- and 50-DMAs decisively and has strengthened the progressing uptrend.

The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is featuring in the neutral region. The short-term outlook is bullish. The stock can continue to trend upwards and reach the price targets of ₹179.5 and 183 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹168.5.

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

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