Technical Analysis

ZEN Technologies (₹85): Buy

Yoganand D BL Research Bureau | Updated on January 23, 2019 Published on January 23, 2019

Investors with a short-term perspective can consider buying the stock of ZEN Technologies at current levels.

The stock has been in a medium-term uptrend since taking support at around ₹55 in October 2018. Moreover, the short-term trend is also up.

On Wednesday, the stock gained 3.7 per cent accompanied by an above average volume. During the rally, the stock decisively broke above a key resistance level of ₹80.

ZEN Technologies hovers well above its 21- and 50-day moving averages. The daily relative strength index features in the positive territory implying buying interest. The weekly RSI is charting upwards in the neutral region. Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest.

Overall, the stock has potential to extend the current uptrend. The short-term targets are ₹88.5 and ₹90.5. Traders with a short-term view can buy the stock with a stop-loss at ₹83.

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

Published on January 23, 2019
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