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Investors with a short-term perspective can consider buying the stock of Tinplate Company of India at current levels. Since taking support at around ₹67 in late November 2016, the stock has been on a medium-term uptrend. The short-term trend is also up for the stock.
In early January, the stock conclusively breached its moving average compressions (21-, 50- and 200-DMAs) at around ₹80. But the stock encountered a key resistance at ₹83.5 and tested it for more then two weeks.
On Monday, the stock jumped 3 per cent and broke through the key resistance at ₹83.5. The daily relative strength index has entered the bullish zone from the neutral region. Moreover, the buying interest is evident as the daily and weekly price rate of change indicators are featuring in the positive territory.
The short-term uptrend is intact. It can extend its uptrend and reach the price targets of ₹89 and ₹91 in the upcoming trading sessions. Buy the stock with stop-loss at ₹83.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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