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Investors with a short-term perspective can buy the stock of BGR Energy Systems at current levels. The stock’s intermediate-term downtrend that commenced from the May peak of ₹242 found support in the band between ₹135 and ₹145 in late September. Since then, the stock has been in a sideways movement. The key support band between ₹135 and ₹145 once again provided base last week. Further, a 61.8 per cent Fibonacci retracement level of the prior uptrend coincides with this support band. On Wednesday, the stock jumped 8.6 per cent with an upward gap and above-average volume, and breached its 21 and 50-day moving averages. The short-term trend is turning bullish. The stock can rally to ₹163 and then to ₹166.5 in the approaching trading sessions. Buy with a stop-loss at ₹153.
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