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Investors with a short-term perspective can buy the stock of Aegis Logistics at current levels. On Tuesday, the stock surged 4.5 per cent accompanied by extraordinary volumes. The stock’s intermediate-term uptrend that has been in place from the August 2013 low of ₹100 has held well at the key support of ₹140 in February. Its 200-day moving average also provided a base at ₹140. Since then, the stock has been on a short-term uptrend. Further, the stock’s recent surge has breached a critical resistance at ₹162 and it appears to have resumed the intermediate-term uptrend. The stock is trading well above its 50- and 200-day moving averages.
The relative strength index on the daily chart has entered the bullish zone from neutral region. Our short-term outlook on the stock is bullish. It can continue its rally and hit the price targets of ₹175 and then ₹178.5 in the forthcoming sessions. Buy the stock with a stop-loss at ₹164.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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