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Investors with a short-term horizon can buy the stock of Sasken Technologies at current levels. The stock has been in an intermediate-term uptrend since it registered a 52-week low at ₹348 in late March 2020. Medium-term trend is also up for the stock. The short-term trend which was sideways consolidation since early January is now turning bullish. On Monday, the stock jumped 7.8 per cent accompanied by above average volume, breaching a key resistance as well as the upper boundary of the sideways movement at ₹900. This rally is turning the short-term trend positive and also underpins the medium-term uptrend.
Moreover, the stock trades well above the 21- and 50-day moving averages. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continues to hover in the bullish zone. Further, the daily price rate of change indicator has entered the positive terrain implying buying interest. Overall, the short-term outlook is bullish for the stock. It has potential to extend the rally and reach the price targets of ₹950 and ₹965 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹890 levels.
The recommendations are based on technical analysis. There is risk of loss in trading