Comments
Investors with a short-term perspective can buy the stock of Ramco Systems at current levels. The stock gained 11.7 per cent accompanied by above average volume on Tuesday, decisively breaking above an immediate resistance at ₹150. Recording a 52-week low at ₹134 in early December, the stock halted its medium as well as short-term downtrend. Subsequently, the stock changed direction triggered by positive divergence in the weekly relative strength index.
Over the last few weeks, the stock has been in a nascent uptrend. Moreover, the stock has breached its 21- and 50-day moving averages and trades well above them. The daily RSI has entered the bullish zone from the neutral region and the weekly RSI has entered the neutral region from the bearish zone. Further, the daily price rate of change indicator hovers in the positive territory and the weekly indicator has just entered the positive terrain implying buying interest.
The short-term outlook is bullish for Ramco Systems. It has potential to trend upward and knock the price targets of ₹171 and ₹174.5 in the upcoming trading sessions. Traders can buy with a stop-loss at ₹160.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.