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Investors with a short-term perspective can consider buying the stock of Aptech at current levels. After forming a strong base at ₹70 between late January and early May, the stock resumed its intermediate-term uptrend. While trending higher, it emphatically broke through key resistances at ₹80 and then at ₹85 in late May and extended its upmove. Subsequently, ₹85 turned into a significant support and cushioned the stock. On Wednesday, the stock conclusively breached its immediate resistance at ₹100 by gaining 7 per cent, accompanied by extraordinary volumes.
The stock is trading well above its 50- and 200-day moving averages. The daily as well as weekly price rate of change indicators are featuring in the positive territory. The short-term outlook for the stock is bullish. It can continue its rally and reach our price target of ₹108 and then ₹110 in the coming trading sessions. Buy with a stop-loss at ₹101.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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