Jan 12 2024, 07:46
Stock Radar: United Spirits hits fresh record high in January:
The daily Relative Strength Index (RSI) is placed at 61.9. RSI below 30 is oversold and above 70 is considered overbought, Trendlyne data showed. The daily MACD is above its center and signal line this is a bullish indicator.
Short-term traders can look to buy the United Spirits stock for a possible target of Rs 1,170 in 2-3 weeks, suggested experts. The stock hit a record high of Rs 1129.55 on January 10 and has been inching higher, remaining volatile but taking support above the 20-week moving average. Bulls are likely to remain in control as long as the stock trades above the crucial support of Rs 1019.
United Spirits has been effortlessly trading above the November 2021 swing high of Rs 1019. Bulls are likely to remain in control as long as the stock trades above this crucial support.
In terms of price action, the stock is trading above most of the crucial short- and long- term moving averages such as 5,10,30,50,100, and 200-DMA on the daily chart.
"With the overall market at a pause, this stock has remained resilient in higher zones. United Spirits stock has been making higher highs for the last 5 months and consistently stretching itself on the higher zone," said Shivangi Sarda, analyst, derivatives and technical research, Motilal Oswal Financial Services.
"United Spirits stock has been respecting its key exponential averages on the daily frame and RSI is turning with a positive crossover," she said.
"The consumption space is especially starting to build strength and despite underperformance in the entire sector, this stock has outdone, which is now going to continue in strength," highlighted Sarda.
"Traders can buy for a target of Rs 1,170 in the next 2-3 weeks and a stop loss can be placed below Rs 1,090 on a closing.
source: et
Jan 12 2024, 08:34