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Investors with a short-term investment horizon can consider buying the stock of Grindwell Norton. The stock was slipping lower since the peak of Rs 294.9 recorded on February 17. This slide halted after the stock retraced half of its previous rally. After consolidating in a narrow band for five sessions, the stock moved up sharply on Tuesday accompanied by strong volume.
Relative strength index in the daily chart is beginning to move higher into the bullish zone. Moving average convergence divergence oscillator in the daily chart is, however, still signalling a sell denoting that the short-term trend has not reversed higher yet. Traders can buy the stock with stop at Rs 255. The stock can move up to Rs 265 or Rs 270 in the days ahead.
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