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The stock of AIA Engineering has been on a rally since March, broke out of a resistance at ₹2,500 and closed at ₹2,582 on Wednesday. The price action since June resembles a rising wedge pattern and a rally above ₹2,520 means the stock has broken out of this pattern.
A further rally can be expected from here and especially it will most likely appreciate on Thursday, making it a good pick for intraday trade. Traders can buy the stock at the current level of ₹2,582 and place a stop-loss at ₹2,520. Liquidate the longs when the scrip touches ₹2,700. If the stock opens below ₹2,520 on Thursday, refrain from trading.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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