The stock of Polaris Consulting surged 4.5 per cent on Tuesday, accompanied by good volumes and it breached a key resistance at Rs.170. Investors with a short-term perspective can consider buying the stock at current levels. Since taking support at around Rs.133 in February, the stock has been on a medium-term uptrend. Following sideways movement for more than a month in the band between Rs.156 and Rs.170, the stock made an upside breakthrough.
The stock has decisively breached its 21- and 50-day moving averages and hovers well above them. The daily moving average convergence divergence indicator has signalled a buy. Both the daily and weekly price-rate-of-change indicators feature in the positive territory. The short-term outlook for the stock is bullish. It can continue to rally and reach the price target of Rs.182 and Rs.185.5 levels in the forthcoming sessions. Buy the stock with a stop-loss at Rs.171.
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