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On Wednesday, the stock MT Educare jumped more than 7 per cent accompanied by above average volume. In the process, it decisively breached a key resistance at ₹130. Investors with a short-term horizon can consider buying the stock at current levels. After consolidating sideways for almost four months in the ₹100 and ₹115 band, the stock broke out upwards in early July. Subsequently, the stock continued to move upwards and has been on a short-term uptrend. While trending upwards, the stock breached its 200-day moving average and now hovers well above it.
The recent upmove has reinforced the stock’s short-term uptrend. The daily as well as weekly price rate of change indicators are featuring in the positive territory implying buying interest. It can continue its rally with a minor pause and reach the price target of ₹144 and ₹147 in the ensuing trading sessions. Buy the stock with a stop-loss at ₹135.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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