Sintex Industries

Investors with short-term trading perspective can consider buying the stock of Sintex Industries. Since March 2009 low of Rs 70 the stock has been on an intermediate-term uptrend, forming higher peaks and higher troughs. However, the stock took support from its long-term support zone between Rs 260 and Rs 265 in late May 2010, following a short-term downtrend from its peak of Rs 337. Subsequently, the stock started to move upward and it appears to have resumed its intermediate-term uptrend. On June 14, the stock gained 5 per cent with above average volume, reinforcing the bullish momentum. Both the daily and weekly relative strength indices are heading towards the bullish zone. Moreover, the 14-day price rate of change oscillator is hovering above the zero line indicating buying interest. Considering that the stock's intermediate-term up trend-line is in tact, we are bullish on the stock from a short-term perspective. We anticipate the stock to move up until it hits our price target of Rs 306 or Rs 313 in the approaching trading sessions. Short-term traders can buy the stock with stop-loss at Rs 289.

via BL