CAMS Jumps over 5%; Can it Touch Rs 3800?

After logging a hat-trick of losses, the Indian benchmark indices started off Thursday’s session on a positive note, with Nifty and Sensex trading up by 0.15% and 0.03%, respectively. However, benchmark indices have cooled off from the day’s high. That said, market breadth is firmly in favor of advances, as more than 1500 stocks were seen trading in the green, while 500 stocks were in the red.

CAMS hits 52-week High

Amidst this buoyancy, there is one stock which has caught the attention of investors: Computer Age Management Services Ltd (CAMS). The stock has marked a fresh 52-week high of Rs 3,285.90 on Thursday and is currently trading at Rs 3,275, up by 5.13%. The stock opened the session at the level of Rs 3,116.05 and made an intraday low of Rs 3,113 and registered an intraday high of Rs 3,285.90.

Technical Perspective

Interestingly, the stock of CAMS with this strong move on Thursday has registered a breakout of a triangular pattern. This triangular pattern is a 33-day long pattern, and talking about the volumes, the total traded volume on the NSE so far has been robust, as it’s the highest in the last three trading sessions and moreover, it is more than two times the 30-day average volume of 3.53 lakh shares per day, highlighting larger participation in the direction of the trend. The daily MACD is in an uptrend and is seen rebounding, taking support at its nine-period average, thus validating a positive bias in the stock. The daily 14-period RSI has generated a buy signal moving above its nine-period average, thus validating a positive bias, and it has marked a fresh swing high above the 60-level. As per the pattern the stock has potential to march upwards and head towards level of Rs 3800 in the medium term.

Online Payment Aggregator

In a recent development, the company informed that The Reserve Bank of India (RBI) has granted authorization to the company to operate as an Online Payment Aggregator. CAMSPAY, the payment business unit of the Company, has been at the forefront of the payment solutions industry for the past 15 years, specializing in providing secure, seamless, and innovative payment services tailored specifically to the unique needs of the Banking, Financial Services, and Insurance (BFSI), and Education Technology (Ed-Tech) sectors.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.