Just Dial: Is this the number you missed to dial in your portfolio?

The overall medium-term trend can take the stock towards Rs 800 levels, charts suggest

The stock of local search service provider Just Dial surged 6 per cent to Rs 679.5 per share on the BSE in the intra-day deals on Tuesday. The stock was trading at its fresh 52-week high level, surpassing the previous high of Rs 660.65 per share hit on October 24, 2019.

So far in October, the stock has leaped nearly 69 per cent on the BSE till Monday, as against 5.4 per cent rise in the benchmark S&P BSE Sensex. That apart, the stock price has more-than-doubled in the current financial year, soaring 118.5 per cent since March 31, 2020 till Monday. During the period, the Sensex index has surged 36.23 per cent.

The stock has also been on an uptrend after its one of its promoter & director, Anita Mani, acquired over 1 per cent stake in the company through open market purchases. Between September 25 and September 30, 2020, Anita Mani purchased 679,677 equity shares of Just Dial for Rs 25.33 crore, according to disclosure made by the company to the stock exchange. READ ABOUT IT HERE
 

Here's how the stock looks on key technical parameters.

Just Dial Limited (JUSTDIAL): The counter has risen over 100 per cent from the September lows of Rs 332 levels and charts suggest that the phenomenal rally is likely to continue. As the counter decisively trades above 200-weekly moving average (WMA) placed at Rs 500 levels and has also broken out above Rs 640 levels, the overall medium-term trend is hints at a move towards Rs 800 levels, as per weekly charts.

Although, the Relative Strength Index (RSI) is trading in the overbought condition, i.e. the price has surged due to excessive demand, the price is now showing signs of any weakness yet. Moreover, the Moving Average Convergence Divergence (MACD) has conquered the zero line, facilitating an upward momentum. The price direction, therefore, remains up for now.

The immediate support for short-term trading is at Rs 600 levels, which is far from the current price of Rs 673. That said, the support level seems feasible considering the volatility of over 10 per cent that the counter has seen in recent intra-day trades.CLICK HERE FOR THE CHART