Published November 14, 2018
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Nifty 50 (NIFTY) showed positive development on Tuesday, and gained 0.96 per cent to a close of 10583 points.
743 shares were up and 758 were down, while 59 remained unchanged, and there was no trading in 244 shares.
The value of the total volume of shares and primary capital certificates traded Tuesday was approximately 272.0 billion.
We are keeping it short and simple today. Writing analysis of only one stock, but this one has given a solid buy signal both in the medium and the long term. 63 Moons Technologies it is.
63 Moons Technologies (63MOONS.NS) Close: 89.20
The sectoral index Nifty IT component 63 Moons Technologies stock has risen from the ashes in the past few weeks. Since its fall from the top a year ago, the stock went into a sideways move for the last six months.
Yesterday the share price of 63MOONS rose almost 10 per cent. It has now broken out through the ceiling of the downtrend channel and also generated a buy signal from a double bottom and a rectangle formation while rising above its resistance of 85 rupees.
This price breakout was accompanied by higher than average volumes on a weekly and monthly basis.
The volume balance indicator is very positive and suggests that more investors are buying in the the stock at steadily higher prices, while sellers are not willing to sell at lower prices. The momentum indicator RSI is also positive and RSI is above 70 after a good price increase in the past few weeks. The stock has strong positive momentum and further increase in price is indicated.
Two points to note at this stage. One is that the price must be able to sustain closer to the existing levels, and another is that the volatility in the stock is as high as 30 percent monthly average. So the price swings can be a bit tricky, but all prices should be assessed on the closing basis.
The stock is overall assessed as technically positive for the medium long term.
Investtech's outlook (one to six months): Positive
The analyses are based on closing price as per November 13, 2018. Maintaining proper stop loss is always recommended.
Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer.
The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.
Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer.
The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.