Short-term traders can look to buy the stock for a target above Rs 3300 in the next 1-2 months, suggest experts.
CAMS is India’s largest Mutual Fund Transfer Agency that provides MF Services & Statements. Service partner to AIFs, Insurance Companies, Banks & NBFCs, according to the company website.
The stock gave a breakdown below 3000 levels back in November 2021 and since then it has witnessed a price wise correction. The stock found support above 2000 levels in April 2023.
The stock picked up momentum after retesting the 50-week moving average in October 2023 on the weekly charts. It rose more than 11% in a week and over 16% in a month.
The momentum helped the stock to break out from 3000 levels last week. The stock closed at Rs 3,111 on 26th February 2024.The momentum helped the stock to hit a fresh 52-week high of Rs 3214 on 27th February 2024.In terms of price action, the stock is trading above short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts.
“Midcap and smallcap continued to do well. CAMS Stock has given a breakout from 112-week consolidation patch which is a bullish continuation sign,” Kapil Shah, Technical Analyst, Emkay Global Financial Services Limited and Trainer at FinLearn Academy, said.
“The stock has respected long to intermediate to the short-term moving average, it shows interest from long-term investors to short-term traders. From a pattern perspective, the stock has formed a complex Inverted Head & Shoulder pattern,” he said.
“Based on the above rationale, the stock looks good to buy at the 3050 level with a stop loss of 2920 on a closing basis and upside potential can be up to the 3350 level. Duration of trade can be up to 1 to 2 months,” recommended Shah.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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