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The stock of Rolta India jumped 6 per cent with above average volume breaking a key resistance at ₹123 on Monday. Investors with a short-term perspective can buy the stock at current levels. Since taking support at ₹90 in mid-December 2014, the stock has been in a medium-term uptrend. While trending upwards, the stock decisively breached its 200-day moving average in January and hovers well above it and 50-day moving average.
The short-term trend is also up for the stock. Volumes are increasing over the past five trading sessions. The relative strength index on the daily chart features in the bullish zone and the weekly RSI is also backing the uptrend. Other indicators on the daily and weekly chart too feature in the positive territory. The short-term outlook for Rolta India is bullish. It can extend its rally and reach our price target of ₹133 and then ₹135.5 in the upcoming sessions. Buy the stock with a stop-loss at ₹125.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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