The stock of Aptech has surged 4 per cent on Wednesday accompanied by strong volumes. The outlook is bullish with a positive break out of a triangle that was formed between February and March. This offers a good buying opportunity for short-term traders. The pull-back from the high of ₹82.5 recorded on April 2 has found support near ₹75.

The stock has formed a base by consolidating sideways above this level before rising sharply on Wednesday. Additionally, the 100-day moving average is also placed near this support.

Immediate resistance is at ₹79.5 and support is at ₹78. A break above ₹79.5 can take the stock higher to ₹82 in the coming sessions. Traders with a short-term perspective can go long with a stop-loss at ₹77.7 for the target of ₹81.5.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

(This article was published on April 24, 2014)
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