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Investors with a contrarian view can consider buying the stock of RS Software India at current levels. Following an intermediate and medium-term downtrend, the stock found support at ₹122, marking a 52-week low in early August. The stock changed direction and has been on a nascent upmove since August. Last week, the stock showed initial signs of reversal by breaching its 21-day moving average at around ₹136. Further, the stock has conclusively broken a key immediate resistance level at ₹140 by gaining 6.7 per cent with above average volume on Tuesday. This rally strengthens the near-term uptrend.
The daily relative strength index is on the verge of entering the bullish zone. The daily price rate of change indicator is hovering in the positive terrain indicating buying interest. The stock can extend its rally and reach the price targets of ₹155.5 and ₹159 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹146.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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