Investors with a medium-term perspective can buy the stock of Career Point, a small-cap stock, at current levels.
The stock jumped 11 per cent accompanied by above-average volume on Friday, breaking above a key short-term resistance at ₹173. It has been on a long-term uptrend since it took support at around ₹50 in August 2019.
Following a corrective decline, the stock found support in the band between ₹115 and ₹120 July this year and resumed it upward trend. Since then, the stock has been on a medium-term uptrend.
In late August, it breached the 50- and 200-day moving averages, and now trades well above them. After a sideways move below the key resistance level of ₹173, the stock breached this level positively on Friday. This rally has strengthened the medium- as well as long-term uptrends.
The daily relative strength index (RSI) has entered the bullish zone from the neutral region and the weekly RSI, too, features in the bullish zone. Moreover, the daily as well as the weekly price rate of change indicator are hovering in the positive territory indicating buying interest.
Overall, the medium-term outlook is bullish for the stock of Career Point.
It has the bullish momentum to extend the uptrend and reach the price targets of ₹200 and ₹216 with a minor pause at around ₹200 in the medium term. Investors can buy the stock with a stop-loss at ₹162.