Comments
The stock of Sasken Technologies gained 6.5 per cent with extraordinary volume on Tuesday, breaking above a key resistance at ₹1,000. It is well set for extending the uptrend over the short term. Investors with a short-term horizon can buy the stock at current levels. The stock has been in a long-term uptrend since it bottomed out from the March 2020 low at ₹335 levels. Medium as well as the short-term trend are up for the stock.
After encountering a key resistance at ₹1,000 in early April this year, the stock had been in a sideways movement forming an ascending triangle with horizontal resistance at ₹1,000. This recent up-move has conclusively broken out of the ascending trading pattern which is a continuation pattern. The stock trades well above the 21- and 50-day moving averages. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continues to feature in the bullish zone. Short-term outlook is bullish.
The stock has potential to extend the uptrend and reach the price targets of ₹1,070 and ₹1,090 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹1,005 levels.
(Note: The recommendations are based on technical analysis. There is 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.