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Investors with a short-term horizon can buy Indian Hume Pipe Co. Ltd. (IHP) at current levels. The stock has been on an intermediate-term uptrend since the stock took support at ₹101 in late March 2020. After a medium term corrective decline in the months of September and October the stock took base at ₹153 in early November. Subsequently, the stock changed direction triggered by positive divergence. The stock has been on a medium term uptrend since then. The short term trend is also up.
On Thursday, the stock surged almost 6 per cent accompanied by above average volume, breaking above a key long-term resistance at ₹200. The recent rally has strengthened both short as well as medium term uptrends. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI has also entered the bullish zone backing the uptrend. Targets are ₹223 and ₹227. Traders with a short term view can buy the stock with a stop-loss at ₹209.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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