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We recommend a buy in Aptech from a short-term perspective. The charts of Aptech show that it was on a medium-term downtrend from its December 2007 high of Rs 448 till its March 2008 low of Rs 155. However, recently, the stock took support at Rs 155 that also coincides with the long-term moving average line and bounced from there, penetrating the medium-term down trendline. Later on, the stock moved up crossing over the 21- and 50-day moving averages.

We note that there is an increase in volume for the past four trading sessions. The daily momentum indicator is on the verge of entering the bullish zone and the weekly momentum indicator has entered the neutral region from the bearish zone. We also see that the daily moving average convergence divergence is steadily rising towards the positive region. We are bullish on the stock for the short-term. We expect the stock’s up move to continue to our target level of Rs 270 in the short-term. Investors with a short-term perspective can buy the stock with stop-loss at Rs 206.

Yoganand D.

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