Gujarat Pipavav Port (₹63.1): Buy
by Yoganand DThe stock of Gujarat Pipavav Port has been in a short-term uptrend since it took support, recording a 52-week low at ₹45.5 in late March this year. On Friday, the stock rallied 3.6 per cent with above average volume, surpassing a key resistance at ₹60. This rally provides traders with a short-term perceptive an opportunity to buy the stock at current levels. Last week, the stock had jumped 13.5 per cent witnessing buying interest. Moreover, the stock had conclusively breached its 21- and 50-day moving averages and trades well above them.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI has entered the neutral region from the bearish zone. Besides, the daily price rate of change indicator is featuring in the positive terrain implying buying interest. The short-term outlook is bullish for the stock. It has potential to trend upwards and reach the price targets of ₹66 and ₹68 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹61.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.