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Investors with a short-term perspective can consider buying the stock of Orbit Exports following its recent 1:1 bonus issue. The stock took support at around ₹105 (adjusted) in early August 2016 and has been on an intermediate-term uptrend. Medium- as well as short-term trends are also up for the stock. Following a corrective decline, the stock found support at ₹142 in late January and resumed its uptrend.
On Tuesday, the stock advanced 3 per cent with good volume, reinforcing the bullish momentum. The stock is now trading well above its 21- and 50-DMAs. However, it is currently testing a key short-term resistance at ₹165 with a bullish bias. Both the daily and weekly price rate of change indicators are hovering in the positive terrain, signalling buying interest. The stock can breach the immediate resistance and trend upwards to reach the price targets of ₹173.5 and ₹177 in the short term. Traders can buy the stock with stop-loss at ₹162.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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