Ashish Chaturmohta
In the month of February, Intellect Design Arena touched a 52-week high of Rs 205 and then corrected down towards Rs 162 levels. The rally in the stock was backed by high volumes but the recent decline was supported by below-average volumes which hints at bullish bias as buying participation was seen in stock on rallies.
At lower levels, the stock found support at previous lows and rallied back to its highs. The ADX line has been moving higher above neutral level of 20 which indicates strength in the uptrend.
Thus, the stock can be bought at current level and on dips to Rs 195 with a stop loss below Rs 190 and a target of Rs 225-230 levels.
Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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