Aries Agro zoomed 8 per cent on Tuesday. While surging, the stock decisively broke through the psychological resistance at ₹100. This rally provides buying opportunity to traders with a short-term perspective. The stock has been on an intermediate-term uptrend since taking support at ₹35 in November 2013. The medium-trend is also up for the stock.
Last month, the stock took support at ₹75 and continued its primary uptrend. It is hovering well above its 50- and 200-day moving averages. The indicators on the daily chart are comfortably hovering in the positive territory backing the stock’s current uptrend. With the medium-term uptrend being intact, the stock’s short-term outlook is optimistic. The stock can trend northwards and reach the price target of ₹108 and ₹110. As there could be some volatile movements, traders can buy the stock on a slight correction while placing a wide stop-loss at ₹100.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.