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We recommend a buy in Aptech from a short-term trading perspective. From the charts of Aptech it is apparent that following a steep decline from the resistance level at Rs 250, the stock found support around Rs 51 in late October (52-week low). Since then, the stock has been in a sideways consolidation in the broad range of Rs 60 and Rs 100. The stock is currently moving up from the lower boundary of this range.

While moving up, it breached its 21- and 50-day moving averages, reinforcing bullish momentum. We observe above two week average volume over the past five trading sessions. The daily relative strength index (RSI) is rising in the neutral region towards the bullish zone and weekly RSI has recovered from the oversold area.

Our short-term forecast for the stock is bullish. We expect it to move up further until it hits our price target of Rs 90 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 75.

Yoganand D.

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