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Published on 14/03/2019 3:14:59 PM | Source: Choice Broking Pvt Ltd

Buy Intellect Design Arena Ltd For Target Rs.191 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #IT Sector #Trading Report #Intellect Design Arena Ltd #Choice Broking

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* On a daily chart, the stock is bouncing back after taking a support of around 187.40 level which is 38.2% retracement level of its previous up move from 151.05 level to 209.90 level which signals for a positive move in the counter.

* Moreover, the stock has given breakout of its upper band of Falling Wedge formation which suggests a robust upside move in the counter.

* Furthermore, the stock is sustaining above its 50 Days Exponential Moving Average which shows a positive move in the counter.

* A daily momentum indicator RSI reading is at 61.29 level with a positive crossover which points out for a positive breath in the stock.

* Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.

Recommendation

Buy Intellect Design Arena Limited @201.50-200.00 Stop Loss 191.00 Target 222.00

 

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