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We recommend a buy in the stock of Educomp Solutions from a short-term perspective. It is evident from the charts of the stock that it has been on a near-term uptrend over past seven sessions. On Monday, strengthening the uptrend the stock jumped six per cent breaking through its medium-term downtrend-line and 50-day moving averages. The stock's medium-term downtrend was in place from February peak of Rs 262, until it found support at Rs 128 in early June. Subsequently, the stock changed direction triggered by positive divergence in daily relative strength index and price rate of change indicator.
We notice that there is an increase in volumes in the past four trading sessions, backing the stocks up move. The daily RSI is featuring in the bullish zone and weekly RSI has entered the neutral region from the bearish zone. We are bullish on the stock from a short-term perspective. We anticipate its up move to prolong and touch our price target of Rs 172 or Rs 178 in the ensuing trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 162.
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