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Investors with a short-term perspective can buy the stock of Nava Bharat Ventures at current levels. The stock has been in a medium-term uptrend since taking support at around ₹120 in late September 2017. While trending up, the stock has emphatically breached a key resistance at ₹135 in last November which later on turned into a key support level.
The stock took support at around ₹135 in December and continued to trend upwards. Since then, the stock has been in a short-term uptrend. After testing the key resistance at ₹149, the stock managed to close above this level by gaining 3.6 per cent with above average volume on Monday. The stock hovers well above its 21- and 50-day moving averages. There has been an increase in daily volume over the past two week. The daily relative strength index feature in the bullish zone and the weekly RSI has entered this zone from the neutral region. Both the daily and weekly price rate of change indicators hover in the positive territory indicating buying interest.
The short-term outlook is bullish for the stock of Nava Bharat Ventures. Traders with a short-term view can buy the stock with a stop-loss at ₹148. Short-term targets are ₹158 and ₹161.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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