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Parsvnath Developers (Rs 228.15): Buy

The Hindu Business Line recommends a buy in Parsvnath Developers from a short-term perspective. It is evident from the charts of Parsvnath Developers that the stock was on medium-term downtrend from its 52-week-high of Rs 598 (touched in January 2008) to its 52-week-low of Rs 170 touched in March. The stock has also crossed over the 21-day moving average recently. We notice that there is an increase in volume over the past three trading sessions. The daily momentum indicator is likely to enter the bullish region and weekly momentum indicator has entered the neutral region from the bearish zone. We notice a positive divergence in the moving average convergence and divergence and it is constantly rising towards the positive territory. We expect the stock to move up to our price target of Rs 260 in the short-term. Investors can buy the stock, while keeping the stop-loss at Rs 214.

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