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The stock of Rolta India jumped 9 per cent with good volume on Thursday. With this rally, it conclusively breached an immediate resistance at ₹58 and 200-DMA at around ₹58.5. Significant long-term support in the band between ₹51 and ₹52 provided base for the stock in June and again in August this year.
The stock has been in a near-term up move since taking support at ₹51 in early August. The stock's recent rally has decisively surpassed the 21- as well the 50-DMAs and trades well above them. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is charting higher in the neutral region towards the bullish zone.
Both the daily and weekly price rate of change indicators are featuring in the positive territory implying buying interest. With the recent rally, the stock has gained its bullish momentum. Short-term outlook is optimistic for the stock. It can continue to trend upwards and reach the price targets of ₹63 and ₹64 in the upcoming trading sessions. Traders with a short-term perspective can buy the stock with a stop-loss at ₹58.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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