Aptech

We recommend a buy in Aptech from a short-term trading perspective. It is evident from the charts of Aptech that after taking support around Rs 60 in early December, the stock has been trending upward. Since then, the stock has been forming higher peaks and higher troughs and has been on an intermediate-term uptrend. In mid-May the stock conclusively broke through a significant resistance level Rs 120 and the 200-day moving average. The stock recently found support at Rs 150 and bounced, resuming the intermediate-term uptrend. We observe that the volumes are high during the advance days of the uptrend. The daily relative strength index (RSI) is rising towards the bullish zone and weekly RSI is hovering in the bullish zone. The weekly moving average convergence and divergence indicator is featuring in the positive territory. Our short-term outlook is bullish on the stock. We expect it to continue its rally until it hits our price target of Rs 197. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 169.

via BL