Advanced Enzyme Technologies (₹181.1) : Buy
The stock of Advanced Enzyme Technologies gained 4 per cent accompanied by above average volume, breaking above a key resistance at ₹178 on Tuesday. This rally has strengthened the short-term uptrend that has been in place from the December 2019 low of ₹155. Investors with a short-term horizon can buy the stock at current levels.
While trending up, the stock had conclusively breached its moving average compression (21-, 50- and 200-day moving averages) at around ₹162 in the past week and continues to trend upwards. The stock trades well above these moving averages. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. Also, the daily as well as the weekly price rate of change indicators hover in the positive terrain implying buying interest.
There has been an increase in daily volume over the past three trading sessions. The stock can extend the rally in the upcoming trading sessions and reach the price targets of ₹189 and ₹193. Traders can buy the stock with a stop-loss at ₹177.
While trending up, the stock had conclusively breached its moving average compression (21-, 50- and 200-day moving averages) at around ₹162 in the past week and continues to trend upwards. The stock trades well above these moving averages. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. Also, the daily as well as the weekly price rate of change indicators hover in the positive terrain implying buying interest.
There has been an increase in daily volume over the past three trading sessions. The stock can extend the rally in the upcoming trading sessions and reach the price targets of ₹189 and ₹193. Traders can buy the stock with a stop-loss at ₹177.