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Investors with a short-term view can Datamatics Global Services at current price level. Since the stock took support at around ₹27 in March 2020, the stock has been in a long-term uptrend. Medium as well as the short-term trend are also up for the stock.
In early May, the stock breached a significant medium-term resistance at ₹127 and continued to trend upwards. Also, the stock trades well above the 21- and 50-day moving averages. Extending the uptrend, the stock gained 6 per cent accompanied by above average volume on Thursday and it closed above the key resistance at ₹153 level. Both the daily and the weekly relative strength indices are featuring in the bullish zone.
Moreover, the daily and the weekly price rate of change indicators are hovering in the positive territory indicating buying interest. There has been an increase in weekly volume over the past two weeks.
It can continue to trend upwards and reach ₹163 and ₹167. Traders can buy the stock with a stop-loss at ₹153 levels.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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