- Why it’s recommended: After a sharp rally in July, eClerx Services consolidated sideways while holding key support along its Tenkan-sen and Kijun-sen lines. A recent high-volume surge pushed the stock above key resistance around ₹1,900, and a decisive close above this level with a long-bodied bullish candle confirms strong buying interest. Supported by solid trading volumes and overall resilience across the IT/BPM space, the stock is well-positioned for further gains. Recommendation: Go Long.
- Key metrics:
- P/E: 36.50,
- 52-week high: ₹2492.98,
- Volume: 390.44K.
- Technical analysis: Support at ₹1400, resistance at ₹1700.
- Risk factors: Client management, talent, technology, and global economic variables.
- Buy : above ₹1948
- Stop loss: ₹1865
- Target price: ₹2150 (2 Months)
Stock market update
Indian equities slipped in a rangebound session on Wednesday, 26 August 26, failing to sustain the previous day’s recovery. The Nifty 50 fell 126.80 points, or 0.52%, to close near the day’s low and around the crucial 24,200 mark at 24,207.75. The Sensex also declined 183.15 points, or 0.24%, to finish at 77,472.94. Markets opened flat and gained some momentum during the morning, but afternoon selling pressure erased intraday gains, leaving the benchmarks weaker at the close.
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