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The year of 2021 has been sluggish for the stock of eClerx Services until recently. Since the beginning of this year, it was largely oscillating within the range ₹920 and ₹1,040. But in the final week of March, the stock broke out of the resistance of ₹1,040. However, the stock could not extend the uptrend, as it started to chart a sideways trend. Since the beginning of April, it has been held within the price levels of ₹1,120 and ₹1,250.
The last few trading session has been good for the stock as it posted gains in the consecutive days and on Monday, it breached the resistance at ₹1,250. The stock bounced off the 21-day moving average and the relative strength index is showing a fresh uptick. The moving average convergence divergence indicator on the daily chart, which showed weakness in the past couple of days, is now turning its trajectory upwards.
Hence, the stock is likely to go up and so, one can buy with a stop-loss at ₹1,240 for a target of ₹1,300.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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