Comments
The stock of IL&FS Engineering and Construction Company gained 6.7 per cent, accompanied by above average volume on Thursday. Investors with a short-term horizon can consider buying the stock at current levels. The stock’s medium-term downtrend came to an end in mid-June at its long-term support level of ₹67. Since then, the stock has been on a nascent short-term uptrend. It decisively breached a key resistance at ₹80 in early July which turned into a key support and provided cushion recently.
The stock trades well above its 50- and 200-day moving averages. The daily moving average convergence divergence indicator is moving higher in line with the stock price. Though the stock faces a key resistance ahead, the short-term outlook is bullish. Traders with a short-term perspective can buy the stock with a stop-loss at ₹84.5. It can extend the current rally and reach the price target of ₹90 and then ₹92 in the coming trading sessions.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.