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You are here : IndiaNotes >> Research & Analysis >> Companies >> Tata Elxsi Ltd. >> Research

Technical Stock Idea: Buy TATA ELXSI between 1436 and 1512 with closing stop-loss of 1355

HDFC Sec | 19 Jan, 2017  | Follow Author | Add to my Favourites 
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Observations:


After falling from a high of 2403 (Touched in February 2016), Tata Elxsi found support around the 1021 levels which also roughly corresponds to previous intermediate lows of the stock (See the chart above). As this level has held multiple times in the past, it has become a strong support.


The stock has been steadily rising in the last few weeks and making higher tops and higher bottoms in the process. Today, the stock broke out of recent intermediate high of 1498 on the back of huge volumes. This suggests a reversal of the recent intermediate downtrend (See the chart above).


Technical indicators are currently giving positive signals as the stock trades above the short term (13 day SMA), medium term (50 day SMA) and long term (200 day SMA) moving averages. Momentum indicators like the 14-day RSI are in rising mode and not yet overbought. The 14-day RSI also trades above its 9-day EMA, which is a positive signal.


We believe the stock has the potential to move higher in the coming weeks and months as it attempts to test its previous intermediate highs and life highs of 2403. We therefore recommend a buy at CMP and adding more on dips. Our entry levels, along with stop loss and targets have been mentioned above.


Tata Elxsi Weekly Chart


 


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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