Stock Radar: Up almost 100% in a year! Rally in this IT scrip is not over yet; time to buy?
Synopsis
The stock recently broke above the short-term moving average of 50-DMA last week and also from a Symmetrical triangle pattern breakout which is a bullish sign. Symmetrical triangles are formed when neither the bulls nor the bears have the upper hand in a directionless market and can be identified when the stock makes lower highs and higher lows.
Tata Elxsi, part of the IT software industry group, has almost doubled investors’ money in the last 12 months. The rally still has more steam left as the scrip is now in a strong uptrend.
Short-term traders who missed the price action before can look at buying the stock now or on dips for a possible target of Rs 8,700-8,900 in the short term, said experts.
The stock recently broke above the short-term moving average of 50-DMA last week and
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