Technical Analysis

Hexaware Technologies (₹352.1): Buy

Yoganand D BL Research Bureau | Updated on April 29, 2019 Published on April 30, 2019

Investors with a short-term horizon can consider buying Hexaware Technologies at current levels. Following an intermediate-term downtrend, the stock found support at ₹300 in November 2018. It had recorded a 52-week low at ₹294.8. Subsequently, the stock changed direction, triggered by positive divergence in the daily relative strength index. Since then, the stock has been trending up.

A key support at ₹330 has been cushioning the stock since March this year. Last week, the stock took support from this base level and began to trend upwards. On Friday, it gained almost 3 per cent, decisively breaching the 21- and 50-day moving averages.

There has been an increase in daily trading volumes in the past four trading sessions. The daily and the weekly RSI feature in the neutral region with an upward bias.

Moreover, the daily and the weekly price rate of change indicators hover in the positive terrain. The short-term outlook is bullish for the stock. It can continue to trend upwards and reach ₹366 and ₹374 in the coming trading sessions. Traders can buy the stock with stop-loss at ₹344.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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Published on April 30, 2019
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