Heres a short-term trading idea on Birla Cable!

On the technical chart, the short-term moving average (20-DMA) has crossed above its long-term moving average (200-DMA), which is a positive sign.

Birla Cable Limited is engaged in the manufacturing and sale of primarily, telecommunication and optical cables along with other types of speciality wires.  

Technically, the stock is quite bullish as it registered a breakout from its falling trendline on July 18 (Monday). It has soared over 12 per cent and recorded a huge volume. The volume is found to be greater than the 10-day and 30-day average volume thereby, indicating larger participation in the stock. It has crossed above its 100-DMA and is now, above all its key moving averages.   

On the technical chart, the short-term moving average (20-DMA) has crossed above its long-term moving average (200-DMA), which is a positive sign. As a matter of fact, it has also crossed above its 38.2 per cent retracement level of its prior downtrend. The 14-period daily RSI (66.46) is in the bullish zone and above its prior swing high. Moreover, the OBV is at its peak and shows strong strength from the volume’s perspective. In short, the stock is likely to zoom in the upcoming days.   

A move above Monday’s high (Rs 136.70 level) has to be considered positive and the stock can test the levels of Rs 143, followed by Rs 148 levels in the short term. Also, the level of Rs 125 must be watched cautiously as a fall below this level can be detrimental.