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We recommend a buy in the stock of Rolta India from a short-term perspective. The stock has been on a medium-term uptrend since late December. Following a near-term corrective decline, the stock took support at its short-term base level at Rs 90 and rebounded nine per cent on Tuesday.
This rally has breached its 200-day moving average poised at Rs 94. The stock is hovering well above both its 21- and 50-day moving averages. The daily relative strength index has re-entered into the bullish zone from the neutral region and weekly RSI has just entered into the bullish zone. The daily as well as weekly price rate of change indicators are featuring in the positive territory signalling buying interest.
Considering that the stock's medium-term uptrend line is intact and is getting strengthened, we are bullish on the stock. We anticipate the stock's up move to prolong and touch our price target of Rs 101 or Rs 104 in the ensuing trading sessions. Traders with a short-term perspective can consider buying the stock with stop-loss at Rs 95.5.
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