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Investors with a short-term perspective can consider buying the stock of Prime Focus at current levels. The stock has been in a long-term uptrend since taking support at ₹36 in May 2015. Medium- as well as short-term trends are also up for the stock.
Following a corrective decline from the key resistance level of ₹120, the stock found support ₹90 in mid-October 2017 and since then it has been in a medium-term uptrend.
On Thursday, the stock gained 5 per cent with good volume, breaching a key medium-term resistance at ₹120. There has been an increase in volume over the past four trading sessions. Moreover, the stock trades well above its 21- and 50-day moving averages. Both the daily and weekly relative strength indices feature in the bullish zone backing the stock’s short-term uptrend.
The daily and weekly price rate of change indicators hover in the positive territory implying buying interest. The short-term outlook is bullish for Prime Focus. The stock can continue to trend upwards and reach the price target of ₹130 and ₹133 in the upcoming trading sessions. Traders can buy the stock with a stop-loss at ₹121.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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