Finolex Cables' has done exceedingly well in the past few months. From a low of Rs 100 in September last year, the stock has touched a high of Rs 269 on Monday. In the process, the stock has crossed all the major hurdles. One of the major resistance for the stock was at Rs 234 which it crossed easily.The uptrend has been supported by high volumes. What makes the stock bullish is the fact that the next resistance for the stock is very far from the current levels. Like the price chart, the position of oscillators have also turned positive. The 21-day RSI is at 52-week high. The medium term MACD is also in positive mode and points upward.
Long positions should be taken at the current level for short term gains. Stop loss should be kept at Rs 253.
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