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Rolta India decisively breached a key resistance at ₹118 by gaining 9 per cent on Thursday. This rally has opened up a buying opportunity for short-term traders. The stock has broken out of its three-month sideway consolidation move between ₹103 and ₹118.
The stock has now resumed its upward journey, which began from the June 2013 low of ₹50. The short-term trend for the stock is up, backed by good volumes.
The indicators and oscillators on the daily chart have conclusively entered the bullish zone. The same indicators on the weekly charts also feature in the bullish zone implying upward momentum. Further, the stock is hovering well above its 21- and 50-day moving averages.
Rolta India can extend its rally and reach our price target of ₹129 and ₹131 in the ensuing trading sessions. Buy the stock with a stop-loss at ₹121.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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