The stock MT Educare jumped more than 7 per cent accompanied by above average volume. In the process, it decisively breached a key resistance at Rs.130. Investors with a short-term horizon can consider buying the stock at current levels. After consolidating sideways for almost four months in the Rs.100 and Rs.115 band, the stock broke out upwards in early July. Subsequently, the stock continued to move upwards and has been on a short-term uptrend. While trending upwards, the stock breached its 200-day moving average and now hovers well above it.
The recent upmove has reinforced the stock’s short-term uptrend. The daily as well as weekly price rate of change indicators are featuring in the positive territory implying buying interest. It can continue its rally with a minor pause and reach the price target of Rs.144 and Rs.147 in the ensuing trading sessions. Buy the stock with a stop-loss at Rs.135.5.
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