Technical Analysis

Vimta Labs (₹135.85)

Yoganand D BL Research Bureau | Updated on January 12, 2018 Published on June 26, 2017

The stock of Vimta Labs was in the limelight last week as it made consecutive positive closes with good volumes. The stock surged 12 per cent accompanied by an above-average volume last week. With this rally, the stock appears to have ended its corrective decline and resumed its long-term uptrend. Since taking the support at ₹60 in March 2016, the stock has been on a long-term uptrend, forming higher peaks and troughs. The recent rally has emphatically breached the key resistance level of ₹130. The stock trades well above its 50- and 200-day moving averages. The daily and weekly relative strength indices are featuring in the bullish zone backing the uptrend. Moreover, the daily as well as weekly price rate of change indicators are hovering in the positive territory implying buying interest. The short-term outlook for the stock of Vimta Labs is bullish. Traders with a short-term perspective can buy the stock with stop-loss at ₹133. The stock can extend its uptrend and reach the price targets of ₹142 and ₹144.5 in the upcoming sessions.

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

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