We recommend a buy in the stock of Hexaware Technologies from a short-term trading perspective. Stocks recommended in this column are typically for the trading day in which it is published plus two more days. It is thus for the extreme short-term trading including intra-day trading.
Hexaware Technologies is attempting to reverse from important long-term support around Rs 75. This level occurs at the halfway mark of the rally from the 2009 low. The stock could halt a while at this level and attempt to move higher. The morning star candlestick formation in the daily chart also indicates a short-term reversal.
Oscillators in the daily chart are signalling bullish intent. Rate of change oscillator in the daily chart has just moved above the zero line in to bullish territory. Daily relative strength index is also turning higher albeit in the negative zone still.
Investors can buy the stock with the stop-loss at Rs 76.3. The stock can move higher to Rs 81.3 or Rs 82.3 in the upcoming sessions.