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Investors with a short-term horizon can buy the stock of GE Power India at current levels. Regaining bullish momentum, the stock jumped 7.7 per cent with extraordinary volume on Wednesday, surpassing a key short-term resistance ₹270 as well as the 50-day moving average. The stock trades well above the 21- and 50-day moving averages.
Since early December 2020, the stock has been in a sideways consolidation phase in the wide range between ₹245 and ₹315. In mid-April the stock took support at ₹245 and started to trend upwards gradually. There has been an increase in volume over the past four trading sessions. The relative strength index has entered the bullish zone from the neutral region and the weekly RSI continues to chart higher in the neutral region towards the bullish zone.
Further, the daily price rate of change indicator features in the positive terrain signifying buying interest. Overall, the short-term outlook is bullish for the stock. It has potential to trend upwards and reach the price targets of ₹302 and ₹307. Traders can buy the stock with a stop-loss at ₹283 levels.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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