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Investors with a short-term perspective can consider buying the stock of Aegis Logistics at current levels. The downtrend in the stock that began from the September 2016 peak of ₹173 halted after taking support around ₹126 in late December. After retesting this support earlier this week, the stock bounced back strongly.
On Thursday, the stock surged 6 per cent with good volume, emphatically breaking through a key immediate resistance at ₹140. In the last two sessions, the stock has gained 13 per cent. This rally has breached the moving average compression (21-, 50- and 200-DMAs) at around ₹135 as well as the medium-term down trend-line. Both the daily and weekly price rate of change indicators are featuring in the positive territory implying buying interest.
The short-term forecast is bullish for the stock. It can extend its current rally and knock the price target of ₹152 and ₹155 in the short term. Buy with a stop-loss at ₹142.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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