The short-term uptrend in Havells India is gaining momentum as it rose 3.6 per cent on Wednesday. The stock has been in a strong uptrend since early March.

It made a low of ₹267.55 on February 29 and has surged 17 per cent so far this month. Also, the bounce from this low has happened from the 100-week moving average support. This adds strength to the uptrend. The rally paused after the stock recorded a high of ₹308.9 on March 22. It had then consolidated between ₹300 and ₹309 for a week.

Wednesday’s rally has breached this consolidation thereby signalling the resumption of the uptrend. Supports for the stock are in the range between ₹311 and ₹309. A rise to ₹320 and ₹322 looks likely. Traders with a short-term perspective can go long. Stop-loss can be kept at ₹308 for a target of ₹320. The bullish outlook will get negated only if the stock declines below ₹300 — an important short-term support. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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