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Investors with a short-term perspective can consider buying the stock of Rolta India at current levels. Following a sharp plunge in the month of April, the stock extended its decline and found support at the psychological base level of ₹100 in June and July. The stock subsequently changed direction, triggered by the positive trend in the daily moving average convergence divergence indicator. While trending up, the stock moved past its 21- and 50-day moving averages last month.
On Wednesday, the stock jumped 5 per cent decisively breaking its 200-day moving average and a resistance band at ₹117-120. The relative strength index on the daily chart features in the bullish zone and the weekly RSI is heading to it. The short-term outlook for the stock is bullish. The ongoing rally can extend in the forthcoming sessions and reach the price targets of ₹126.5 and ₹129. Buy the stock with a stop-loss at ₹119.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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Published on August 5, 2015
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