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Investors with a short-term perspective can buy the stock of PTC India at current levels. The stock has jumped 6.7 per cent accompanied with extra-ordinary volume Wednesday, breaking above a key long-term resistance level of ₹100. The long-term trend is up for the stock. Medium-term trend has been up since taking support at around ₹66 in November 2016.
Following the recent breach of the key resistance level of ₹100, the short-term has turned up. The stock trades well above its 50 and 200-day moving averages. The daily relative strength index has re-entered the bullish zone (above 60) from the neutral region between 40 and 60. The weekly RSI continue to feature in the bullish zone backing the stock's medium-term uptrend. Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest. Over last two trading days, the stock has gained 8.6 per cent and has emphatically closed above the long-term resistance level of ₹100 is a bullish sign for the stock.
The short-term outlook is bullish. The stock can extend it up move with a reach our price target of ₹107.5 and ₹110 in the short-term. Traders with a short-term view can buy the stock with a stop-loss at ₹101.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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