Home WOLRD Mad, Mad World Trading pick of the week: Buy Essel Propack

Trading pick of the week: Buy Essel Propack

Investors with a medium-term perspective can buy the stock of Essel Propack at current levels.

The stock had found long-term support in the band between ₹80 and ₹85 in August 2019 and changed direction. Since then, it has been in a long-term uptrend, forming higher peaks and higher troughs.

The medium- as well as the short-term trend is also up for the stock.

In March 2020, the stock took support at around ₹140 and continued to trend upwards. It has been in a medium-term uptrend since then.

After testing the key resistance level of ₹185 in late April and early June, it decisively breached the key barrier on Friday, gaining 7.6 per cent with above-average volume. Also, the stock jumped 10.7 per cent in the past week, surpassing the 21- and 50-day moving averages, and trades well above them.

This rally has strengthened the medium-term uptrend.

Both the daily as well as the weekly relative strength indices (RSIs) have entered the bullish zone from the neutral region, backing the uptrend.

Likewise, the daily and the weekly price rate of change indicators feature in the positive terrain, indicating buying interest.

There has been an increase in daily volume over the past three trading sessions. The medium-term outlook is bullish for Essel Propack.

It can continue to trend upwards and reach the price targets of ₹210 and ₹220 with a minor pause at ₹210.

Traders with a medium-term view can buy with a stop-loss at ₹178

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