The stock of Mastek has been on a near-term rally since it took support around Rs.160 the previous week, the 200-day moving average also provided base. Investors with a short-term perspective can consider buying it at current levels as the stock’s 6 per cent gains on Tuesday strengthens the bullish momentum.
The long-term trend is up for the stock. However, within this uptrend, the stock has been on a sideways consolidation phase since June between Rs.145 and Rs.210.
This sideways movement is positive for the stock from a short- to medium-term perspective. Moreover, the recent rally has conclusive breached a key resistance at around Rs.177.
The stock trades well above its 50- and 200-day moving averages. The short-term outlook is bullish for the stock. It can continue to rally and reach the price target of Rs.192 and Rs.196 in the forthcoming sessions. Buy the stock while maintaining a stop-loss at Rs.180.5.
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