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Yoganand D 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.)
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