Price Breakout post Sideways move: The stock has witnessed a sideways to neutral move over the last few weeks. Yesterday’s price move indicates a price breakout along with excellent volumes. This can take the stock price higher in the coming few weeks. The short term charts also support this hypothesis.

Technical expert Sudarshan Sukhani has given a sell call for Financial Technologies. The intraday target for the stock is Rs 1220.

Mr. Sukhani has given a stop loss of Rs 1320 during at interview on financial news channel CNBC TV18. Financial Technologies is currently trading at Rs 1250, down by nearly 2 per cent. The stock has hit an intraday low of Rs 1232 on NSE.

The stock is trading at P/E multiple of 26 and has touched 52 week of Rs 1895 on NSE.

Mumbai-based Financial Technologies India, will soon raise Rs 1500 crore by issuing shares in the international markets and by private placement of shares with buyers.

The company would raise funds by issuing shares in the form of Global Depository Receipts, American Depository Receipts and Foreign Currency Convertible Bonds.

Besides this, the funds would also be raised by private placement of shares with potential buyers.