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Investors with a short-term perspective can buy the stock of Ashoka Buildcon at current levels. Last week, the stock jumped 18.9 per cent, accompanied by above average volume, conclusively breaking above a key short-term hurdle in the band between ₹97 and ₹100. Following a minor pause at around ₹106, the stock resumed the upmove on Tuesday, decisively moving above the vital resistance at ₹106 by gaining almost 6 per cent backed with good volume.
The medium-term uptrend that has been in place from November low of ₹60 is intact. Near-term trend is also up. It trades well above the 21- and 50-day moving averages. Over the last two weeks, there has been an increase in daily volume. Both the daily as well as the weekly relative strength indices are featuring in the bullish zone, backing the uptrend.
Besides, the daily and the weekly price rate of change indicators are featuring in the positive territory, implying buying interest. Short-term targets are ₹115.5 and ₹117.5. Traders with a short-term horizon can buy with a stop-loss at ₹108.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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