The stock can be bought at current level and on dips towards Rs 246 with a stop loss below Rs 237 and a target of Rs 300 levels, says Ashish Chaturmohta of Sanctum Wealth Management.
Sanctum Wealth Management
On the long-term monthly chart, Intellect Design Arena is seeing major rounding base formation between Rs 278 and Rs 96 levels for almost three years. Coming to the lower time frame, the stock has seen a breakout from sideways consolidation between Rs 227 and Rs 170 odd levels.
In the last three sessions, the stock has seen a strong rally with huge volumes which indicates buying momentum in the stock. It has crossed and closed above the resistance zone of Rs 226-232 levels.
Strong momentum and the overall chart structure suggests that the stock is likely to cross its all-time high of Rs 278. Thus, the stock can be bought at current level and on dips towards Rs 246 with a stop loss below Rs 237 and a target of Rs 300 levels.Disclaimer: The author is Head of Technical and Derivatives at 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.