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The stock of Intellect Design Arena gained 4.2 per cent on Tuesday, resuming its short-term uptrend. Investors with a short-term perspective can buy the stock at current levels.
Since recording a 52-week low at ₹137.5 in late December 2019, the stock has been in a short-term uptrend. It changed direction triggered by positive divergence in the weekly relative strength index and the weekly price rate of change indicator. While trending up, the stock had decisively breached a key resistance at ₹155 in mid-January this year and continued to trend upwards. But, the stock met with a key resistance at ₹170 and witnessed to minor dip last week. It has bounced back and now tests the resistance at ₹170 with a positive bias.
The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI moves higher in the neutral region. Further, the daily as well as the weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
The short-term outlook is bullish for the stock of Intellect Design Arena. It can continue to trend upwards are reach the price targets of ₹178 and ₹181 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹167.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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