Scrip in focus: Moser Baer
| By Yoganand D
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We recommend a buy on Moser Baer India stock from a short-term trading perspective. It is apparent from the charts of Moser Baer that it was on an intermediate-term downtrend from its May high of Rs 201 to its March low of Rs 41.
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However, the stock reversed direction from this low, which is also a 52-low. Since then the stock has been on a short-term uptrend. On March 27, the stock gained 6 per cent, penetrating its intermediate-term down trendline and 21-day moving average.
Moreover, it jumped 7 per cent, with high volume, on March 30, reinforcing the bullishness. The stock has a significant long-term support in the band of Rs 45-50. We also notice a prolonged positive divergence in the weekly moving average convergence and divergence indicator, confirming the trend reversal.
The daily relative strength index is rising in the neutral region towards the bullish zone. We are bullish on the stock from a short-term perspective. We anticipate it to move up until it hits our price target of Rs 57 in the forthcoming sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 48.
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