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Investors with a short-term perspective can buy the stock of Tribhovandas Bhimji Zaveri (TBZ) at current levels. Since July 2014, the stock has been on a sideways consolidation phase in a wide range between ₹140 and ₹185 levels. The stock has significant support in the band between ₹140 and ₹145, which has been providing a base from this March this year, and also preventing it from further falls. Taking support from this zone, the stock bounced up 9 per cent with extraordinary volumes on Monday. This rally has decisively breached the stock’s 21-, 50-, and 200-day moving averages. The daily relative strength index is featuring in the bullish zone and the weekly RSI is moving higher in the neutral region.
The short-term outlook is bullish and the stock can extend its rally with a minor pause around current levels. Targets are ₹165.5 and ₹168.5. Traders can buy the stock with a stop-loss at ₹155 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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