Breakout mid-cap stock rises up to 15%: Analysts expect another 12% upside; Here’s why?
- Stock Market Today: Breakout mid-cap stock Intellect Design Arena Ltd rises more than 15%. during intraday trades. Analysts expect up to 12% upside more . Here's why?
Stock Market Today: Breakout mid-cap stock Intellect Design Arena Ltd rises up to 15%. Analysts expect up to 12% upside more . Here's why?
Share price movement
Intellect Design Arena share price opened at ₹861.35 on the BSE on Monday, about 5% higher than the previous close of ₹819.65. Intellect Design Arena share price thereafter ganed further to ₹944.85 during the intraday trades, marking gains of more than 15%.
The Intellect Design Arena share price earlier has remained under downtrend and had slipped to 1 year lows of ₹693.05 on 29 November. The Intellect Design Arena share price thereby has been rebounding regularly to stage strong gains on Monday.
As per analysts number of factors have contributed to Intellect Design Arena's share price's remarkable increase. First off, the business has been aggressively growing its portfolio in the IT software industry, which has pleased investors. Intellect has recently also launched new Enterprise AI platform, Purple Fabric.\
Intellect Design Arena Breaks Out of Bullish Pattern with Surging Volumes
Experts said that Intellect Design Arena has successfully broken out of a 46-day bullish cup-and-handle pattern, signaling a strong uptrend. The handle phase saw a notable decline in volumes, a textbook precursor to a breakout, which was confirmed with a massive surge in activity. Current volumes stand at an impressive 11.7 million shares, marking a 3,542% increase over the 50-day average—a clear indication of institutional participation, said Anshul Jain, Head of Research at Lakshmishree Investment and Securities.
The breakout sets a target around 1,050 levels, as per Jain. presenting significant upside potential for traders. Meanwhile, the 848 level serves as major support and can act as a stop-loss for long positions., added Jain
With its technical signals aligning and strong volume validation, Intellecth has become a stock to watch for further bullish momentum , said Jain
The target price of ₹1050 indicates almost 12% upside from current market price of ₹938 for the stock
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
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