Hexaware Technologies touched a new high at ₹165.9 on Monday and gained 3.6 per cent at close of trading. This was backed by healthy volumes, which were above the average volumes seen in the last two weeks. Over the past five trading sessions, there has been an increase in daily volumes. Investors with a short-term perspective can buy the stock at current levels. \

The stock found support at its long-term key support of ₹75 in May and June 2013, and has been trending upwards since then. The short-term trend is up for Hexaware Technologies. On February 18, the stock decisively broke out of a key resistance at ₹145 by surging 10 per cent, reinforcing the bullish momentum.

The stock is hovering far above its 50- and 200-day moving averages. The stock can extend its current rally and reach the price target of ₹170 and ₹173 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹159.5 level.

(This article was published on February 24, 2014)
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