Sequent Scientific (₹127.3)

The stock of Sequent Scientific gained 7.6 per cent accompanied with an above average volume on Wednesday, breaking above a key resistance at ₹125. In late May 2017, the stock found support at around ₹105 which is a significant long-term base level and started to move higher. Since then, the stock has been on a medium-term uptrend. This uptrend has strengthened after the sharp rise on Wednesday.

The stock has been in limelight this week as it has gained bullish momentum and advanced 12 per cent so far. Wednesday’s rally has emphatically breached its moving average compression (21-, 50- and 200-day moving average) at around ₹120. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is charting higher in the neutral region.

Both the daily and weekly price rate of change indicators have entered the positive territory implying buying interest. There has been an increase in daily volume over last three trading sessions. Short-term targets are ₹133 and ₹135. Traders with a short-term view can buy the stock with a stop-loss at ₹124.5.

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

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