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Investors with a short-term perspective can buy the stock of Polaris Consulting & Services at current levels. On Thursday, the stock extended its rally gaining 3 per cent which led to the breach of a key immediate resistance level of ₹153. It has gained 7 per cent with good volume during the week. Moreover, the stock has decisively breached its 21- and 50-day moving averages. The intermediate-term downtrend which commenced from the resistance level of ₹260 appears to have come to a halt taking support at around ₹135 in early February.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI has entered the neutral region from the bearish zone showing signs of upward momentum. It can continue its progressing uptrend and reach our price target of ₹165 and then ₹168.5 in the forthcoming trading sessions. Buy the stock while retaining a stop-loss at ₹155.3.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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