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Investors with a short-term perspective can consider buying the stock of Surya Roshni at current levels. The long-term trend is up for the stock. After taking support at the significant base level ₹105 for more than three months, the stock resumed its long-term uptrend in mid-June this year. Since then, the medium-term trend has been up.
On Monday, the stock jumped 8.5 per cent with an extraordinary volume and broke out of a key resistance at ₹140.
The stock trades well above its 50- and 200-day moving averages. The stock’s current uptrend is backed with good volume. Both the daily and weekly relative strength indices are featuring in the bullish zone adding strength to the uptrend.
Moreover, other indicators such as the moving average convergence divergence and price rate of change also hover in the positive territory reinforcing the upward momentum.
Overall, the short-term outlook is bullish for the stock. It can extend its rally and reach the price target of ₹156 and ₹159 in the forthcoming trading sessions. Buy the stock while maintaining a stop-loss at ₹146.8.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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