We recommend a buy in the stock of Nava Bharat Ventures from a short-term horizon. It is seen from the charts of the stock that its long-term downtrend that began from its July 2010 peak of Rs 447, was arrested by its long-term support level at Rs 165 in August 2011. Thereafter, the stock started to consolidate sideways in a broad range between Rs 165 and Rs 205.

The stock surpassed its 21- and 50-day moving averages in early February and is trading well above them. On Tuesday, it emphatically broke out of the consolidation range by jumping nine per cent accompanied by extraordinary volume. The daily relative strength index is featuring in the bullish zone and weekly RSI has entered into the zone from the neutral region. Both daily as well as weekly moving average convergence divergence indicators are trending higher implying bullish momentum.

The daily and weekly price rate of change indicators are hovering in the positive terrain signalling buying interest. Considering the stock's recent break out of key hurdle and its continued bullish momentum, we are positive on the stock from a short-term horizon. We anticipate its up move to sustain and touch our price target of Rs 222 or Rs 229 in the sessions ahead. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 210.