SEBI Poised for Significant Action Following Warnings on SME IPOs
As Zensar Technologies gained 10% this week, what should be the next move of traders?
![As Zensar Technologies gained 10% this week, what should be the next move of traders? As Zensar Technologies gained 10% this week, what should be the next move of traders?](https://storage.googleapis.com/5paisa-prod-storage/files/2022-12/3_1.jpg)
![resr resr](https://storage.googleapis.com/5paisa-prod-storage/files/2022-01/author.png)
Last Updated: 10th December 2022 - 09:50 am
The stock of Zensar Technologies jumped nearly 4% during Friday’s trading session.
The broader market trades at an all-time high, thanks to improving global cues and strong buying sentiment from the institutions. Interestingly, some stocks that traded at their 52-week low in the recent period have seen fresh buying interest prevailing this week. The stocks are an attractive valuation given the recent corrections and can be a good bet in the medium term. One such stock is Zensar Technologies (NSE Code: ZENSARTECH) which has rallied over 10% this week, which includes Friday’s jump of nearly 4%.
Technically, the stock has registered a breakout from its inverse head and shoulders pattern with massive volumes, which is considered very positive over the medium term. A strong rally this week has taken the stock above the 20-DMA, 50-DMA, and 100-DMA levels. The short-term moving averages are trending upwards and show positivity. The 14-period daily RSI (72.32) has jumped sharply and shows strong strength in the stock. The OBV is at its peak and demonstrates show buying activity. The 14-day ADX points northwards and indicates strong trend strength, while the Elder impulse system has formed a bullish bar and indicates a fresh buy. The TSI and KST indicators are also gaining momentum. Overall, the stock is showing the first signs of bullishness and can be expected to scale further highs in times to come.
The Rs 5,000-crore market cap company has reported over 17% YoY jump in revenues in Q2FY22-23 to Rs 1,234 crore as against Rs 1,050 crore from the corresponding quarter last year. Meanwhile, the company management remains confident of bagging orders in upcoming quarters. IT stocks are slowly seeing interest from institutions after a dismal period and thus, the stock can be looked at with optimism.
Currently, the ZENSARTECH shares trade at Rs 236 level on NSE. Momentum traders and investors can keep a close watch on this stock for times to come.
Trending on 5paisa
Discover more of what matters to you.
Indian Market Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.