Technical Analysis

Take Solutions (₹136.4): Buy

Yoganand D BL Research Bureau | Updated on March 26, 2019 Published on March 27, 2019

The stock of Take Solutions gained over 9 per cent accompanied by above average volume on Tuesday, breaching its 21- and 50-day moving averages. This rally provides an opportunity for short-term traders to buy the stock at current levels.

After a short-term downtrend, the stock found support at around ₹100 in mid-February, which is a significant long-term support. Subsequently, the stock changed direction and surged strongly backed by good volume. Since then, the stock has been in a short-term uptrend.

Following a corrective decline, the stock took support at ₹120 in the previous week. The stock has once again resumed its short-term uptrend with the recent rally. There has been an increase in daily volume over the past three trading sessions. The daily relative strength index is on the brink of entering the bullish zone from the neutral region and the weekly RSI features in the neutral region. Also, the daily price rate of change indicator hovers in the positive terrain implying buying interest.

The short-term outlook is bullish for the stock. Targets are ₹142 and ₹145. Traders can buy the stock with a stop-loss at ₹133.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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