Investors with a short-term perspective can buy the stock of Balmer Lawrie & Company at current levels. The stock found support at around ₹70 in late March this year, following an intermediate-term downtrend. Subsequently, the stock reversed direction triggered by positive divergence and has been on a medium-term uptrend since late March.

Key resistance at ₹110 had limited the upside in mid-April and again in early June. But on Monday, the stock had jumped 6.5 per cent decisively breaking above the vital medium-term resistance at ₹110. This rally has strengthened the medium- as well as the short-term uptrend. There has been an increase in daily volume over the past one month. Moreover, the stock trades well above its 21- and 50-DMAs and managed to close above the 200-DMA.

The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is charting higher in the neutral region. Besides, the daily as well as the weekly price rate of change indicators are featuring in the positive terrain implying buying interest. Overall, the short-term outlook is bullish for the stock. It can extend the up-move and reach the price targets of ₹117.5 and ₹119.5 in the upcoming trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹110.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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