After forming double bottom around Rs 49 odd levels, Genus Power Infrastructure reversed its trend to close at one month high with higher volumes. Few oscillators like RSI and KST have formed positive divergence during the month of March.
This means price levels were making lower bottoms and oscillators were making higher bottoms, indicating that dominance of bears was gradually going down.
The stock price is currently trading above its 5 and 20-DMA indicating bullish trend for the short term. Therefore, we recommend buying Genus Power for the upside target of Rs 62 and keep a stop loss below Rs 54.
Disclaimer: The author is Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.