Financial Technologies

We recommend a buy in the stock of Financial Technologies India from a short-term perspective. It is evident from the charts of the stock that it was on an intermediate-term down trend between early November and late January, from Rs 744 to Rs 404. However, the stock found support around Rs 435 and reversed direction. This reversal has been supported by positive divergence displayed in the moving average convergence and divergence. On February 9, the stock conclusively broke through its intermediate-term down-trendline by jumping 15 per cent. We observe above-average volume over the past two trading days. The daily relative strength index (RSI) is rising towards the bullish zone in the neutral region and weekly RSI is displaying prolonged positive divergence. Moreover, the price rate of change indicator has entered the positive territory that indicates increase in buying pressure. Our short-term outlook is bullish for the stock. We anticipate it to move up until it hits our price target of Rs 570. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 490.