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We recommend a buy in the stock of OnMobile Global from a short-term perspective. It is evident from the charts of the stock that after registering an all-time low at Rs 54 in August 2011, it started to move sideways. The stock formed a strong base between Rs 54 and Rs 57, and began to trend upwards in November 2011. Since then, the stock has been on a nascent medium-term uptrend, forming higher peaks and troughs.
On January 9, the stock jumped almost 10 per cent with good volumes, breaking through the resistance at Rs 70. The stock is trading well above its 21- and 50-day moving averages. Further, reinforcing the bullish momentum, the stock gained five per cent with above average volumes on Wednesday. The daily moving average convergence divergence indicator is trending higher in line with the stock price and is hovering in the positive territory.
The daily relative strength index is featuring in the bullish zone and weekly RSI is inching higher in the neutral region towards the bullish zone. We are bullish on the stock from a short-term perspective. We anticipate its upward momentum to prolong and reach our price target of Rs 79.5 or Rs 82 in the approaching trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 75.
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