Sanghvi Movers

We recommend a buy in Sanghvi Movers stock from a short-term horizon. It is apparent from the charts of the stock that from its 52-week low of Rs 59.6 recorded in March, it has been on a steady intermediate-term uptrend. Moreover, the stock's medium and short-term trend also is up. In early December it conclusively surpassed its long-term resistance level at Rs 200 accompanied with good volume and is trading way above its 21 and 50-day moving averages. The stock reinforced its uptrend by gaining 4 per cent on December 17. The daily and weekly relative strength indices are featuring in the bullish zone. Both the daily and weekly moving average and convergence indicators are hovering in the positive territory showing signs of bullishness. Considering that the stock's intermediate-term up trendline is intact we are bullish from a short-term perspective. We expect it to move up further until it hits our price target of Rs 248 in the approaching trading session. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 213.

via BL