CarTrade Tech Rally May Not Be Over Yet: Here’s What SEBI RAs Have To Say

CarTrade Tech rose over 1.5% in afternoon trade on Tuesday, extending Monday’s 9% rally following impressive quarterly results. Net sales increased 22.6% to ₹173.04 crore, while net profit almost doubled to ₹42.87 crore.

From a technical perspective, CarTrade Tech is showing strong momentum, trading above the critical ₹2,062.5 level, said SEBI-registered analyst Vijay Kumar Gupta. This marks a fresh breakout above the +1/8 Murrey level, confirmed by a high-volume candle, the strongest in the past six months.

Sustaining above this zone with consistent volume signals bullish continuation, potentially targeting ₹2,125 and ₹2,200 in the near term, Gupta added.

On the upside, ₹2,125 acts as a stretched resistance level and a logical first zone for profit booking. ₹2,200 is a round-number psychological barrier and has been flagged by brokerages as a near-term ceiling.

Support is now well-defined at ₹2,000, the base of the breakout. Below that, ₹1,986 represents a short-term cushion while a deeper support lies at ₹1,923, which marks the Break of Structure (BoS). A sustained close below this would weaken the bullish setup and could lead to a reversal, the analyst said.

Sanyam Vaish of Finpire Capital Research said that CarTrade Tech stock has activated a clean Minervini-style swing setup following a breakout from a 7-month base between ₹1,835 - ₹1,890.

After retesting the breakout zone near ₹1,900, the stock reversed sharply and closed at a new 52-week high of ₹2,087 on Monday, supported by the highest daily volume since May. The 20-day exponential moving average (EMA) around ₹1,890 continues to hold as dynamic support, with relative strength index (RSI) at 70.2 showing strong momentum, he added.

Vaish recommended taking up new positions between ₹2,070 and ₹2,100, with a stop-loss below ₹1,890, and swing targets of ₹2,400 and ₹2,700 over the next 4 - 8 weeks.

Retail sentiment on Stocktwits turned ‘bullish’ from ‘neutral’ a day earlier, amid ‘high’ message volumes.

Year-to-date, the stock has gained over 40%.

For updates and corrections, email newsroom[at]stocktwits[dot]com