Greenply Industries

Investors with medium-term perspective can consider buying the shares of Greenply Industries. A prolonged divergence in the weekly relative strength index (RSI) triggered the stock’s trend reversal in the first quarter of this year. It bottomed in March around Rs 40 and has been on an intermediate-term uptrend since then. On July 31, the stock conclusively broke through an important resistance at Rs 120.

Both daily and weekly momentum indicators are implying strength. We believe that in the medium-term, the stock can trend up to Rs 180. Investors can buy it with stop-loss at Rs 107. Short-term traders can buy the stock with a target of Rs 143 and stop at Rs 122.

via BL