TAKE Solutions (₹163.7)

The stock of TAKE Solutions surged 6.7 per cent accompanied with above-average volume on Monday, breaching its 200-day moving average. The significant long-term support around ₹152 is continuing to serve as a base for the stock. Investors with a short-term perspective can buy the stock at current levels.

Since encountering resistance at around ₹175 last September the stock has been in a sideways consolidation phase in the wide range between ₹152 and ₹175. The lower boundary cushioned the stock during November and December last year and also last week.

The stock has formed a bullish engulfing candlestick pattern in the weekly chart which is generally a bullish reversal pattern. The stock has the potential to extend its upmove and test the upper boundary. Traders can buy the stock with a stop-loss at ₹160. Short-term targets are ₹170.5 and ₹174.

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

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get





TOPICS

MORE FROM BUSINESSLINE


 Getting recommendations just for you...
This article is closed for comments.
Please Email the Editor