GE Stock – GE T&D India (₹131.3): Buy
Investors with a short-term horizon can buy the stock of GE T&D India at current levels. The stock has jumped 8 per cent accompanied by above average breakthrough a key resistance as well as the 50-day moving average at around ₹122 on Monday. It trades well above the 21- and 50-day moving averages.
The stock’s short-term downtrend that commenced from the early March high at ₹148 which is the 52-week high, got arrested in late April in the band between ₹107 and ₹110. The 200-day moving average had cushioned the stock at around ₹107. Subsequently, the stock changed direction and has been in a short-term uptrend since late April.
There has been an increase in daily volume over the past four trading sessions.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is likely to enter the bullish zone from the neutral region. The stock has potential to reach the price targets of ₹137 and ₹140 in the ensuing trading sessions. Traders can buy the stock with stop-loss at ₹128.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)