3I Infotech : Short Term Investment
3I Infotech
Prices of this counter skyrocketed subsequent to its March 2009 low of 25. Stock raced higher and touched high of 95 in June, generating decent return for its value investors in a short span of three-months. Bears hit back at 95 levels and dragged prices lower, but 40-week EMA proved to be a support during mid-July 2009. Weekly chart reflect that this EMA since then has been acting as a good floor, halting subsequent declines. Stock has also been taking support at retracement level of 78 since past few weeks, a sign that longs are still favoring this counter.
Volumes too are seeing a pick-up alerting of fresh bullishness that has set in this stock. Rising RSI too confirms the same. Though 95 may pose a threat, with momentum siding bulls, we expect the hurdle to be crossed this time around. Buy
Entry : Buy above 93 & dips to 83
Stoploss : Below 78
Target : 112 / 124
Source : IDBI
Popularity: 6% [?]
Category: Broker tips, Short Term
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
