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Investors with a short-term perspective can consider buying the stock of Century Plyboards India at current levels. On Wednesday, the stock surged over 5 per cent with above average volume and breached a key resistance at around ₹175. The current upmove has strengthened the stock’s short-term uptrend that has been in place from the early September low of ₹137. The stock trades well above its 21- and 50-day moving averages. Moreover, the stock has emphatically broken a significant long-term resistance at ₹170.
The stock’s daily moving average convergence divergence indicator has entered the positive territory from the negative territory. The daily relative strength index features in the bullish zone while the weekly RSI is moving higher in the neutral region. The stock can continue its ongoing rally and reach the price targets of ₹191 and ₹195 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹179.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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