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The stock of Sasken Communication Technologies has been in a nascent short-term uptrend since mid-December 2014. On January 9, the stock jumped 13 per cent breaking its key resistance as well as 200-day moving average around ₹246 levels. Traders with a short-term perspective can use this as an opportunity to buy the stock at current levels. The ongoing uptrend in the stock is gaining momentum and the stock is hovering well above its moving averages.
The daily relative strength is featuring in the bullish zone and weekly RSI is moving higher within the neutral region. Both the daily and weekly price rate of change are hovering in the positive terrain. Moreover, there is a flag pattern in formation. Break out of this pattern will take the stock higher. The short-term targets are ₹269 and ₹274. Investor can buy the stock with a stop-loss at ₹253 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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