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The stock of Rolta India gained 4.4 per cent with an above average volume breaking above a key resistance at ₹60 on Thursday. This rally gives investors with a medium-term perspective an opportunity to buy the stock at current levels. Moreover, the stock has breached its 200-day moving average recently and trades well above it. The stock has been in a short-term uptrend ever since it bounced from the significant medium-term support level of ₹52 in early October.
The daily relative strength index feature in the bullish zone and the weekly RSI has just entered this zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest. There has been an increase in daily volume over the past three trading sessions. The short-term outlook is bullish for the stock. It can extend the current uptrend and reach the price targets of ₹65 and ₹66 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹60.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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