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The stock of Havells India jumped 3.7 per cent on Monday and closed above the psychological level of ₹1,000 in nearly three weeks. This is also the biggest daily gain for the stock since May 18 and the volume looks significant. Hence, traders can consider buying the stock for the short-term.
After hitting a lifetime high of ₹1,231.9 in mid-February, the scrip has been on the back foot as it has declined considerably – it has lost nearly 21 per cent from its high. Nevertheless, considering the price action since April, the stock is seen oscillating between ₹975 and ₹1,080. And specifically in the last three weeks, it was held in the tight range of ₹975 and ₹1,000. On the back of the support of the range bottom i.e., ₹975, the bulls gained traction on Monday and were able to lift the stock upwards of ₹1,000, opening the door for further rally. Also, indicators like the RSI and the MACD are showing fresh upward momentum. Hence, traders can buy with stop-loss at ₹1,008; target at ₹1,042.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)