We have earlier also forecasted that the IT stocks are going to get the best results due to depreciation of the rupee and for the same reason we had recommended a buy for Tech Mahindra to reap the gains.
Now we see the same trend emerging in Hexaware stock which is also showing all the positive signals for heading towards the level of 110 and higher levels in the near term which can be as high as 120 or 140. Check the below chart now.
Why we are bullish on the stock because firstly it has broken the psychological level of 100 mark and has gone above that level when majority of the stocks are down due to announcements by RBI to rein inflation and slow down the fall of Rupee against dollar.
Thus if you want to hold the stock then consider being long in the stock with a deep SL as 92 which is an important day moving average and keep shifting the sell order to get the best profit in the stock market. Ultimately the stop loss needs to be shifted to 100 level as stock moves in the higher direction. The above analysis is made on 16 Jul 13