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Investors with a short-term perspective can buy the stock of MOIL at current levels. The stock has bee on an intermediate-term uptrend since taking support at ₹180 in February this year. In early October, the stock took support at around ₹240 and resumed its uptrend.
However, it encountered a key resistance at ₹387 in November and was on a corrective decline until last week. Buying interest has emerged at its key support level of ₹300. On Monday, it jumped 5.3 per cent with good volume breaking through a significant long-term resistance at ₹340. There has been an increase in daily volume over the past four trading sessions.
The stock trades well above its 21- and 50-day moving averages. The daily RSI has entered the bullish zone from the neutral region and the weekly RSI is featuring in this zone. Both the daily as well as weekly price rate of change indicators are hovering in the positive territory Buy the stock with a stop-loss at ₹355. Targets are ₹378 and ₹390.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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