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Investors with a short-term perspective can buy the stock of Intellect Design Arena at current levels. The stock has been in a medium-term uptrend since taking long-term support in the band between ₹95 and ₹100 during early August. While trending up, the stock emphatically breached its key long-term resistance at around ₹130 in late October and continues to trade above it.
On Monday, the stock decisively breached a short-term resistance at ₹148 by gaining 8.5 per cent accompanied with extraordinary volume. This rally has strengthened the stock’s medium-term uptrend. The stock trades well above its 21- and 50-day moving averages. The medium-term uptrend-line is intact for the stock. Both the daily and weekly price rate of change indicators feature in the bullish zone backing the uptrend.
Short-term outlook is bullish for the stock. It can extend the uptrend and reach the price targets of ₹164 and ₹167.5 in the coming trading sessions. Traders with a short-term horizon can buy the stock with a stop-loss at ₹154.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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