The Hindu Business Line

KEI In­dus­tries (₹488.9): Buy

- YOGANAND D Latin America Stock Markets · Stocks & Markets · Financial Markets · Finance · Business · Americas Stock Markets

The stock KEI In­dus­tries was on high­light last week and had jumped 16 per cent. This rally un­der­pins the long-term up­trend of the stock. In­vestors with a short-term per­spec­tive can buy it at cur­rent lev­els. Since the stock took sup­port at ₹248 in Oc­to­ber 2018, it has been in an in­ter­me­di­ate-term up­trend. But, af­ter record­ing a new high at ₹532 in May this year, the stock was on a cor­rec­tive medium-term down­trend un­til last week.

Tak­ing sup­port at ₹400, the stock con­tin­ued to trend up­wards and ap­pears to have re­sumed the in­ter­me­di­ate-term up­trend.

On Fri­day, the stock gained 3.7 per cent ex­tend­ing the rally and breached a key re­sis­tance at ₹475 as well as the 50-day mov­ing aver­age. It hov­ers well above the 21- and 50-DMAs.

The short-term out­look is bullish. The stock can con­tinue to trend up­wards and reach the price tar­gets of ₹508 and ₹520 in the com­ing trad­ing ses­sions. Traders can buy the stock with a stop-loss at ₹477.

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

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