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The stock of Aban Offshore has surged 8 per cent with extraordinary volume on Monday. This spurt in stock price which has breached a key immediate resistance at around ₹450 and 21-day moving average, gives an opportunity for traders with a short-term perspective. After taking support at ₹400 in mid-December, the stock started to consolidate sideways in a wide range ₹400-520. The stock once again took support at around ₹400 in late March and has bounced from there again. Both the daily and weekly relative strength indices are moving higher in the neutral region towards the bullish zone.
The price rate of change indicator on the daily chart has entered the positive terrain from the negative implying buying interest. The short-term outlook is bullish for Aban Offshore. It has potential to trend northwards and reach our price target of ₹482 and then ₹492 in the upcoming sessions. Buy the stock with a stop-loss at ₹452.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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