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Investors with a short-term perspective can consider buying the stock of Cairn India at current levels. Ever since bottoming out at a low of ₹106 in January 2016, the stock has been on an intermediate-term uptrend forming higher peaks and troughs. Medium- as well as short-term trends are also up for the stock.
After consolidating sideways between ₹272 and ₹283 for more than two weeks, the stock has eventually broken out of this range by gaining 4.6 per cent on Thursday. The stock has resumed its medium-term uptrend. It trades well above its 21- and 50-DMAs. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continues to hover in the bullish zone. The short-term forecast is bullish. It can continue to trend upwards and reach the price target of ₹299 and ₹305 in the forthcoming trading sessions. Traders with a short-term view can buy the stock with stop-loss at ₹281.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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