GE T&D India (₹204.9): Buy bl-premium-article-image

Yoganand D Updated - October 31, 2019 at 08:08 AM.

Investors with a short-term perspective can buy the stock of GE T&D India at current levels. Following a sharp fall in late July, the stock recorded a 52-week low at ₹124 in early August this year. Subsequently, the stock changed direction and has been in a medium-term uptrend since then. While trending up, the stock breached its 21- and 50-day moving averages in late September and trades well above them. Short-term trend is also up.

On Wednesday, the stock jumped 6.5 per cent with above average volume, breaking above a key resistance at ₹195. This rally has reinforced the medium-term uptrend. There has been an increase in daily volume over the past two trading sessions. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI hovers in the neutral region. Both the daily as well as the weekly price rate of change indicators are featuring in the positive territory implying buying interest.

The short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹213.5 and ₹217.5 in the upcoming trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹200.

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

Published on October 31, 2019 00:50