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Investors with a short-term horizon can buy the stock of Uflex at current levels. Taking support at ₹226, the stock has been in a medium-term uptrend since November. Strong buying interest saw the stock surging 6 per cent last week. Further, it advanced almost 5 per cent with above average volume on Monday, breaking above a key medium-term resistance level of ₹300. It is trading well above its 50- and 200-day moving averages.
The daily relative strength index is featuring in the bullish zone. The weekly RSI has entered this zone from the neutral region backing the medium-term uptrend. Both the daily and weekly price rate of change indicators are featuring in the positive terrain implying buying interest.
The short-term outlook is bullish. The stock can continue its uptrend and reach the price targets of ₹323 and ₹330. Traders can buy the stock with stop-loss at ₹303.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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