Derivatives call on Tata Elxsi April Future by Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:
Buy Tata Elxsi April Future at Rs 1072
Stop loss of Rs 1058
Target Rs 1100
Rationale: Long positions being built in Tata Elxsi Futures' today where we have seen open interest addition with price rise.
Stock Price has given breakout on the daily chart today with rise in volumes where it managed to close above the resistance level of 1150 odd levels with rise in Volumes
Technology as a sector is doing well.
Short-term moving averages are trading above long term moving averages, indicating bullish trend
Momentum Indicators and Oscillators are Indicating strength in the stock for the short to medium term