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Investors with a short-term perspective can buy the shares of Amtek Auto. The stock surged 3.45 per cent on Monday, and over 8 per cent in the past two trading days. The stock has been getting good support at ₹138 for more than a month now. The candlestick pattern on the weekly chart since May signals that the stock gets fresh buying interest every time it dips to ₹140-138 levels. Immediate resistance is at ₹156.5 — the 100-day moving average — which is more likely to be breached in the coming sessions. Such a break can take the stock to ₹160 and ₹162 thereafter.
Short-term traders can go long. Stop-loss can be placed at ₹148 for a target of ₹159. The short-term bullish outlook will be negated and the view will turn bearish only if the stock records a strong break and closes below ₹138. Such a break can drag the stock lower to ₹130 thereafter. But such a sharp fall looks unlikely at the moment.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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