Investors with a short-term trading perspective can buy stock of FDC. The stock has charted a unique course, different from that of the broader market, over the last seven months. An unrelenting uptrend is in motion since the low of Rs 41 recorded in August last year. What is more, the stock is up 54 per cent since the beginning of this calendar. The movement of the stock since last August can be fitted into an upward moving trend channel that has its lower boundary at Rs 92 and upper boundary at Rs 113.
The stock closed at a new high on Thursday amidst strong volumes. The trend along all time-frames — short, medium and long — are up in this stock. The 14-day relative strength index and the daily moving average convergence divergence oscillators are in bullish zone, albeit a trifle overbought. Oscillators in the weekly chart indicate a strong medium-term uptrend in the stock.
FDC has the potential to rally up to Rs 102 or Rs 107 in the ensuing sessions. Short-term investors can buy this stock with the stop at Rs 97.
Lokeshwarri S. K.
BL Research Bureau
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