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| Scrip in focus: Sintex Industries
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We recommend a buy on Sintex Industries from a short-term trading perspective. It is apparent from the charts of Sintex Industries that in early January 2009 it encountered resistance at Rs 210.
The stock began to tumble from this resistance level, shaping three black crows bearish reversal candlestick pattern. This medium-term downtrend continued till early March low of Rs 70, a 52-week low. The stock reversed from this level and has been on a short-term uptrend since then. While trending up, the counter surpassed its 21- and 50-day moving averages. On April 2, the stock gained almost 10 per cent, reinforcing the trend.
We observe good volume during the advance days. The daily relative strength index (RSI) has entered into the bullish region and the weekly RSI is on the brink of entering in to the neutral region from the bearish zone.
Our short-term forecast on the stock is bullish. We anticipate it to move up until it hits our price target of Rs 128. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 109.
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