R COM has made higher tops and higher bottoms in last three weeks. It has risen steadily from the levels of Rs131 in second week of March 2009 to the current levels.
On Friday, the stock confirmed a breakout after giving a close above its critical resistance zone of Rs180.
In addition, the gain in the stock price from a low of Rs158 in the last week has been on back of increasing volumes, indicating strong buying at the support levels. On Friday, the stock rallied by over 7% confirming the bullish set up.
We continue to remain positive on the stock from technical perspective, as the stock has managed to hold on to its short-term support trendline. Moreover, the stock has given a close above its key moving averages.
A move above Rs187, which is 100-DMA for the stock, could take the stock above Rs205 in the near term.
Keeping in mind the above-mentioned observations, we suggest traders to ACCUMULATE the stock in the range of Rs178-182 with a stop loss placed at Rs172 levels for target of Rs200.