Stocks

Aptech (₹134.8): Buy

Yoganand D BL Research Bureau | Updated on December 10, 2020 Published on December 11, 2020

aptech

The stock of Aptech gained 5 per cent accompanied by extraordinary volume on Thursday, breaking above an immediate resistance level of ₹129.5. This rally has strengthened both intermediate as well as the short-term uptrends and provides an opportunity to buy the stock at current levels.

Since registering a 52-week low at ₹65.5 in late March this year, the stock has been on an intermediate-term uptrend. In early November, the stock took support at around ₹110 and continued uptrend. The stock trades well above the 50- and 200-day moving averages.

There has been an increase in daily volume over the past four trading sessions. Recently, the daily relative strength index has re-entered the bullish zone from the neutral region. Moreover, the weekly RSI has also entered the bullish zone backing the uptrend. The daily as well as the weekly price rate of change indicators feature in the positive terrain implying buying interest.

The short-term outlook is bullish for Aptech. It can continue to trend upwards and hit the price targets of ₹141 and ₹143 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹131.

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

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Published on December 11, 2020
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