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Investors with a short-term horizon can buy the stock of V-Guard Industries at current levels. The stock advanced 3.4 per cent with an above average volume on Wednesday, breaching its immediate resistance at ₹235. This level was limiting the upside over the last one week. The current up move has also emphatically breached the 21- and 50-day moving averages and the stock trades well above them.
Moreover, the up move has altered the stock’s corrective downtrend and has strengthened the bullish momentum. Medium as well as short-term trends are up for the stock. The daily and the weekly price rate of change indicators feature in the positive territory implying buying interest. Further, the daily and weekly relative strength indices are on the brink of entering the bullish zone from the neutral region. The stock faces next key resistance at ₹250.
Short-term outlook is bullish. The stock has the potential to breach the immediate resistance and trend higher in the short-term. Targets are ₹250 and ₹254.5. Traders can buy the stock with a stop-loss at ₹234.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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