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Investors with a short-term perspective can buy the stock of Take Solutions at current levels. Following a medium-term downtrend from the all-time high of ₹186 recorded in March, the stock found support at around ₹90 in early May. Since then, this support level has been providing a base for the stock. On Thursday, the stock surged 9.4 per cent accompanied by extraordinary volume, breaching its downtrend-line as well as resistance at around ₹103. Moreover, the stock has also breached its 21- and 50-day moving averages.
Both the daily and weekly relative strength indices are moving higher in the neutral region towards the bullish zone. The daily price rate of change has entered the positive territory, implying buying interest. The stock’s ongoing rally can extend and reach the price target of ₹110 and then ₹112 in the ensuing trading sessions. Buy the stock while maintaining a stop-loss at ₹103.2.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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