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The stock of Tribhovandas Bhimji Zaveri (TBZ) jumped 8.7 per cent breaking above its immediate resistance level of ₹85 with healthy volume on Monday.
With this rally, the stock appears to have resumed its medium-term uptrend that has been in place since taking support at around ₹56 in December 2016.
In March, the stock emphatically breached its moving average compression (21-, 50- and 200-DMAs) at around ₹68. It is trading well above its 50- and 200-DMAs. Daily indicators, such as price rate of change and moving average convergence divergence are hovering in the positive territory backing the stock’s uptrend.
The short-term outlook is bullish for the stock. It will test the next resistance at ₹90. It has the potential to break above this resistance and trend higher to ₹92 and ₹94 levels in the short term. Traders with a short-term perspective can buy the stock with stop-loss at ₹86.3.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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