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We recommend a buy in ABG Shipyard at current price levels. The stock has been on a steady long-term up trend since December 2006 low of around Rs 210. It is also moving in an upward moving channel since its August low of Rs 475. However, the stock is currently consolidating in the band between Rs 600 and Rs 700 over the last two weeks. We expect the up trend to resume once this range-bound move ends. The immediate support for the stock is at Rs 635 and the next support fo r the stock is at Rs 590. The daily momentum indicators are bullish. Short term investors can buy the stock with a stop loss at Rs 635. Our short-term outlook for the stock is bullish and we expect the stock to move higher to Rs 697 and beyond then to Rs 740 soon.

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