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Investors with a short-term perspective can consider buying the stock of TRF at current levels. The stock has gained 4 per cent with above average volume on Thursday, decisively breaching a key resistance at ₹240. Since taking support at around ₹184 in February, the stock has been on an intermediate-term uptrend. After a short-term corrective decline the stock found support in the band between ₹220 and ₹230 in late May and began to move sideways.
With the recent rally, the stock is well poised to breach the upper boundary at ₹250 and extend its up move in the short term. The stock has conclusively breached its 50 and 200-DMAs and hovering well above them. The daily relative strength index has entered the bullish zone from the neutral region. There has been an increase in the daily volume over the past three trading sessions.
Overall, the near-term outlook is bullish for TRF. Traders can buy the stock with a stop-loss at ₹241. Targets are ₹256.5 and ₹262.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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