Investors with a short-term perspective can consider buying the stock of Crompton Greaves at current levels. On Monday, the stock surged 4.8 per cent accompanied by above average volume, breaching a key immediate resistance at Rs.168. Moreover, this rally has decisively surpassed both its 21- and 50-day moving averages. A significant support at Rs.155-160 has helped it to gain momentum.
Both the daily and weekly price rate of change indicators are hovering in the positive territory, implying buying interest. The daily moving average convergence divergence indicator is on the brink of entering the positive terrain, implying upward momentum. The short-term trend is turning bullish from a sideways trend. The stock has the potential to extend its ongoing rally and reach the price target of Rs.181 and Rs.184 in the ensuing trading sessions. Buy the stock with a stop-loss at Rs.170 levels.
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