Stock Market News- Buy Info Edge (India), target Rs 1620
The stock can be bought at current levels and on dips towards Rs 1435 with a stop loss below Rs 1385 and a target of Rs 1600-1650 levels, says Ashish Chaturmohta of Sanctum Wealth Management.
Info Edge (India) witnessed a rally from June low of Rs 1126 to September high of Rs 1698. The stock corrected towards Rs 1310 levels in October and again tested the low this month after a bounce back high of Rs 1625 levels.
The stock took support at its 200-day moving average and then bounce back. The fall has retraced 61.8 percent Fibonacci retracement level of the rise from Rs 1126 to Rs 1698 levels. Thus, indicating support zone for the stock where it is forming a double bottom pattern on daily chart.
The stock again tested 200-day moving average twice and then bounced back. Relative strength index has turned up from its average and moved above 50 level.
Thus, the stock can be bought at current levels and on dips towards Rs 1435 with a stop loss below Rs 1385 and a target of Rs 1600-1650 levels.
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