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The stock of Kajaria Ceramics jumped 5.4 per cent, with above average volume on Tuesday, breaking above a key resistance level of ₹520.
Investors with a short-term perspective can buy the stock at current levels. Witnessing buying interest, the stock has gained 9.7 per cent with good volumes over the past two trading sessions. Further, the stock has strengthened the intermediate-term uptrend that has been in place since it recorded a 52-week low at ₹295 in May this year.
Short-term trend is also up. The stock trades well above its 50- and 200-day moving averages. Both the daily as well as the weekly relative strength indices are featuring in the bullish zone, backing the uptrend.
Moreover, the daily and the weekly price rate of change indictors hover in the positive terrain, implying buying interest.
Overall, the short-term outlook is bullish for the stock. It can continue to trend northwards and hit the price targets of ₹570 and ₹582 in the ensuing trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹537. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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