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The 8.8 per cent surge in Aptech shares over the last two trading sessions offers a good opportunity for short-term traders to go long in the stock. With Monday’s 3.6 per cent gain, the stock has decisively breached its 21-day moving average, currently at ₹96.7. The short-term outlook is bullish. Traders with a short-term perspective can go long with a stop-loss at ₹99.5 for a target of ₹105.
The stock was in a downtrend ever since it recorded a high of ₹112.9 on June 11. This downtrend found support at ₹90, which is just below the 50 per cent Fibonacci retracement support level of ₹91.35. The stock has rallied 13 per cent from this low, reversing the downtrend.
Immediate support for the stock is at ₹100. Below this psychological level, the 21-day moving average at ₹96.7 and a trend-line support at ₹93 are key short-term support levels. The stock can rise to ₹105.4 in the near-term.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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