Comments
Hexaware Technologies spiked to a high of Rs 139.35 after it announced September quarter results last Monday. The positive reaction was due to the 17.4 per cent increase in net profit over the same quarter last year. But this rally was short-lived and the stock has declined 16 per cent since then. It is now a good sell candidate for the short-term.
Hexaware Technologies was in a strong uptrend since June. This rally lost momentum in September and the stock price inched higher with low volumes. This uptrend is currently being corrected. The stock has closed below the 100-day moving average which is currently positioned at Rs 119. This could add further pressure on the stock.
Entering a short position with a stop-loss at Rs 121 is recommended for a target of Rs 111.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.