Puravankara Projects

Puravankara Projects has not done much over the last five months and has meandered sideways in the range between Rs 82 and Rs 126. This band would however have provided ample opportunity for swing traders to make money. The series of higher troughs recorded in this period is also heartening. Key short-term resistance for this stock was at Rs 112 and the stock managed to record a close beyond this mark on Tuesday. It is also currently trading firmly above both 200 and 50-day moving averages. Oscillators in the daily chart are all positioned in the bullish zone. The 14-day relative strength index is at 66, that indicates a positive outlook for the near-term. Daily moving average convergence divergence oscillator as well as the 10-day rate of change oscillator is also signalling a buy. Medium-term trend in this stock is also positive and contracting price range seen over the last two months implies that a break-out is imminent.

Investors with a short-term trading perspective can buy this stock with the price target of Rs 125 and the stop-loss of Rs 108.

via BL