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On Tuesday, the stock of FDC zoomed 8.7 per cent with above average volume, decisively breaking a key resistance between ₹170 and ₹175. Investors with a short-term horizon can buy the stock at current levels.
After consolidating sideways for almost one year in the ₹140-175 range, the stock resumed its long-term uptrend. The short-term trend has been up for the stock since late June. It is trading well above its 50- and 200-day moving averages. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI has also entered the bullish zone backing the uptrend. Both daily and weekly price rate of change indicators are featuring in the positive terrain implying buying interest.
The short-term forecast for the stock is bullish. It can continue the upmove and reach the price target of ₹190 and ₹194 in the ensuing trading sessions. Buy the stock while retaining a stop-loss at ₹178.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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