Indiainfoline

We recommend a buy in India Infoline from a short-term trading perspective. It is apparent from the charts of India Infoline that in early March of this year it took support at Rs 40, a significant long-term support level. Subsequently, the stock changed trend and began to rally, breaching the 21- and 50-day moving averages. Since March low, the stock has been on a medium-term uptrend. It conclusively penetrated the long-term moving average (200-day) in early May and is trading well above this average. We notice that this medium-term uptrend is backed by good volume. The daily relative strength index (RSI) is featuring in the bullish zone and the weekly RSI has entered this zone. Taking into consideration that the medium-term uptrend line is intact, we are bullish on the stock from a short-term perspective. We anticipate the stock to move up until it hits our price target of Rs 105 during the approaching trading session. Traders with short-term trading perspective can buy the stock while maintaining a stop-loss at Rs 89.