Investors with a short-term perspective can buy the stock of Ashiana Housing at current levels. The stock found support at ₹160 in late August 2017 and started to consolidate sideways between ₹160 and ₹195 levels thereafter. After testing this key support level of ₹160 in mid-December, the stock began to trend upwards and has been in a short-term uptrend since then.

Gaining bullish momentum, the stock jumped 5.5 per cent accompanied with above-average volume on Wednesday breaking above the upper boundary of the sideways range at ₹195. Moreover, this rally has also breached the stock’s 200-day moving average poised at around ₹190. There has been an increase in daily volumes over the past four trading sessions.

The stock is trading well above its 50- and 200-day moving averages. Both the daily and weekly relative strength indices have entered the bullish zone from the neutral region. Buying interest is also evident in the daily price rate of change indicator.

The short-term outlook is bullish for the stock. It can extend the uptrend and reach the price targets of ₹208 and ₹212 in the forthcoming trading sessions. Buy the stock with stop-loss at ₹195.5.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)