The stock of Intellect Design Arena in a downtrend, bounced off a support at ₹395 last week. Extending the upside, it rallied on Monday as well and closed at ₹424.75. Thus, the scrip crossed over a hurdle at ₹418 and the price action hints at more rally in the upcoming sessions.
This makes stock a good buy for intraday on Wednesday. There is a potential to hit ₹440. Therefore, we recommend buying Intellect Design Arena at the current price of ₹425. Buy more when price dips to ₹418. Place stop-loss at ₹408. When the stock touches ₹435, tighten the stop-loss to ₹425. Book profits at ₹440
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)