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We recommend a buy in the stock of Hexaware Technologies from a short-term horizon. It is seen from the charts of the stock that after taking support from its long-term base zone between Rs 66 and Rs 70 in late August 2010, it has been on a medium-term uptrend. However, following a corrective decline, the stock took support around Rs 90, a significant support level, and a 61.8 per cent fibonacci retracement level of its medium-term uptrend.
The stock bounced back in early February and has been on a short-term uptrend . Reinforcing this trend, the stock jumped 5 per cent accompanied by good volume on Wednesday. It is hovering well above its 21- and 50-day moving averages. The daily relative strength index has entered the bullish zone and weekly RSI has re-entered this zone from the neutral region.
Daily moving average convergence divergence indicator has signalled a buy and is on the verge of entering positive territory. Our short-term forecast on the stock is bullish. We anticipate its current rally to prolong until it hits our price target of Rs 124 or Rs 127 in the days ahead. Short-term perspective traders can consider buying the stock with stop-loss at Rs 116.5.
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