"In last three trading stock has witnessed positive price action and high volumes particularly delivery volumes suggesting buying participation in the stock," says Ashish Chaturmohta, Head Technical and Derivatives at Sanctum Wealth Management.
Uniply Industries touched an all-time high of Rs 486 in the month February and then corrected down Rs 360 levels. Since then the stock has again bounced back to Rs 440 levels. The decline was on low volumes suggesting long positions holding onto the stock.
In last three trading stock has witnessed positive price action and high volumes particularly delivery volumes suggesting buying participation in the stock.
The daily ADX line indicator of trend strength currently at 26 levels is moving higher and above the neutral level suggesting current rally is likely to sustain.
Thus, the stock can be bought at current level and on dips to Rs 430 with a stop loss below Rs 415 for target of 500.Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.