INOX Leisure

Investors with short-term trading perspective can buy the stock of Inox Leisure. The stock was in a medium-term downtrend slipping incessantly from the February peak of Rs 92. This slide halted at Rs 54 towards the end of May and a short-term uptrend is in progress since then. Within this uptrend, the stock was stuck in a range between Rs 60 and Rs 63 over the last three weeks. The strong uptrend recorded in the last trading session helped the stock close above the upper boundary of this short-term trading zone.



The moving average convergence divergence oscillator in the daily chart has moved above the zero line and the 14-day relative strength index is featuring at 63, in the bullish zone. It has also managed a strong close above its 50 and 200 day moving averages on Monday. Since the near-term trend in the stock is positive, it has the potential to move up to Rs 66 or Rs 71 in the upcoming sessions. Traders can buy the stock with stop at Rs 63.5.

via BL