Investors with a short-term perspective can consider buying the stock of The Phoenix Mills at current levels. On Monday, the stock surged 6.7 per cent and breached a key long-term resistance at ₹395. With this bullish momentum, the stock appears to have resumed its short-term uptrend. Since taking support at ₹340 in February, the stock has been on a short-term uptrend. While trending up, the stock emphatically breached its 50- and 200-DMAs and trades well above them.
The daily relative strength index has entered the bullish zone and the weekly RSI is on the brink of entering this zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive territory. The short-term outlook is bullish. The stock can extend its up move by surpassing the next key resistance level of ₹410. Short-term targets are ₹420 and ₹427. Traders with a short-term view can buy with a stop-loss at ₹394.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)