Voltas: Buy at current levels

Deepak Singh Tanwar

October 26: Voltas stock has given a fresh buy signal. With the latest rally upto Rs 69, the stock has crossed its immediate tops. The first top was formed in April this year at Rs 58. The second top was formed at Rs 63 in July. With the jump above these two important levels, the stock has entered into a new bull orbit. The bullish signal is further confirmed by a huge jump in volumes. The daily trading volumes on the counter have improved drastically in the recent past. The stock has also managed to post higher bottoms. The position of oscillators have also turned bullish. The 21-day RSI is close to its 52-week high, another sign of bullish momentum. Even the weekly chart, the moving averages have entered into positive phase.As such, while these factors hint at a bullish outlook, long position at the current level can bring decent returns in the near future.

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