The upmove in Data Patterns (India) has gained momentum. The 8.7 per cent surge on Thursday has taken the stock well above the key resistance level of ₹2,100. This has brought the prolonged consolidation that was in place since September to an end. Strong support will be around ₹2,100which can limit the downside. Moving average cross overs on the chart strengthens the bullish case.
Data Patterns (India) share price can rise to ₹2,500-2,550 over the next three-four weeks or even earlier than that. Traders can go long now at around ₹2,239. Accumulate on dips at ₹2,160. Keep the stop-loss at ₹2,040. Trail the stop-loss up to ₹2,280 as soon as the stock price goes up to ₹2,340. Move the stop-loss further up to ₹2,380 when the price touches ₹2,440. Exit the long positions at ₹2,520.
Today’s Stock Recommendation: 23rd February 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)