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Investors with a short-term perspective can buy the stock of Allcargo Logistics at current levels.
The stock has been on an intermediate-term uptrend since registering a 52-week low at ₹51.5 in late March this year. While trending up, the stock had conclusively breached key resistances at ₹90 and ₹110 in early July and late August respectively. Subsequently, the stock encountered resistance at ₹140 in late August, and thereafter, it began to move sideways with a positive bias.
On Saturday, the stock gained 3.4 per cent accompanied by above-average volume, breaching an immediate resistance at ₹121. The stock is trading well above the 21- and 50-day moving averages. Both the daily as well as the weekly relative strength indices are featuring in the bullish zone, backing the upmove. Further, the daily and the weekly price rate of change indicators are hovering in the positive territory, implying buying interest. Overall, the short-term outlook is bullish for Allcargo Logistics. It has potential to trend upward and reach the price targets of ₹132.5 and ₹135 in the coming trading sessions. Traders can buy the stock with stop-loss at ₹124.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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