Investors with a short-term perspective can buy the stock of Aegis Logistics at current levels. The stock has been in a medium-term uptrend since taking support at around ₹175 in mid-February 2019. Short-term trend is also up for the stock.
In May, the stock had decisively breached a key resistance as well as the 200-day moving average at ₹200 and continued to trend upwards. On Thursday, the stock gained 3.7 per cent strengthening the uptrend. There has been an increase in daily volume over the past two weeks. Moreover, the stock trades well above its 50- and 200-day moving averages. The daily relative strength has re-entered the bullish zone from the neutral region and the weekly RSI entered the bullish zone from the neutral region after a long time period. Further, the daily and the weekly price rate of change indicators hover in the positive terrain implying buying interest.
Overall, the short-term outlook is bullish for Aegis Logistics. It can extend the uptrend and reach the price targets of ₹237 and ₹242 levels. Traders can buy the stock with a stop-loss at ₹222.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)