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The stock of Aegis Logistics, which has been struggling to breach the resistance at ₹400 in the past one month, rose past this level on Monday. Notably, it bounced off the 20-day moving average before the breakout. This has opened room for further rally.
Since it only broke out on Monday, the likelihood of a rally on Tuesday is high, thus making this stock a good buy for intraday. While it might see a minor decline to ₹403, we expect the stock to recover and appreciate to ₹420 on Tuesday.
Given the above conditions, one can consider buying the stock of Aegis Logistics for intraday. That is, go long at ₹408 and buy more on a fall to ₹403. Place stop-loss at ₹398. Liquidate the longs at ₹420.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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