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The stock of Tata Elxsi Limited, at its high point yesterday, marked ₹1,226.6 – its highest price in almost two years. Effectively, the stock breached the resistance at ₹1,200 and made a higher high, indicating a strong upward movement.
The scrip began rallying from a low of ₹500 in late March; the up-move continued and as on Tuesday, the stock had multiplied by more than twice. After witnessing a correction, it swiftly bounced back on the back of the support of 21-day moving average at ₹1,060. The stock then went on to break the prior high yesterday. The price action indicates that the bull trend is strong, and the price will most likely appreciate from here.
Corroborating the positive bias, the relative strength index is indicating a strong momentum in both daily and weekly charts. Similarly, the moving average convergence divergence indicator has been charting an upward trajectory and in the weekly chart, it indicates that the momentum is increasing consistently. Hence, traders can buy with stop-loss at ₹1,180 and look for a target of ₹1,300.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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