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Yoganand D Investors with a short-term perspective can buy the stock of Techno Electric & Engineering Company at current levels. The medium-term downtrend since early January from the key resistance level at around ₹420 found support in the band between ₹320 and ₹330 last week. This is a significant long-term support band for the stock. Subsequently, the stock bounced from this base level this week, gaining almost 13 per cent in the last two trading sessions.
The stock’s 3.6 per cent rally on Tuesday has decisively breached the medium-term downtrend as well as an immediate resistance at ₹367.
The stock can reach the price targets of ₹394 and ₹401. Traders with a short-term view can buy the stock with stop-loss at ₹369.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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