Investors with a short-term perspective can buy the stock of Allcargo Logistics at current levels. Since taking support at ₹92 in last October, the stock has been in a medium-term sideways consolidation phase in the band between ₹92 and ₹113. Within this sideways movement, the stock is in a near-term uptrend. On Wednesday, the stock decisively breached its 200-day moving average by gaining 3.3 per cent with above average volume. Moreover, the stock trades well above its 50- and 200-day moving averages. It now test the upper boundary of the sideways range with a positive bias.

The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI hovers in the neutral region. Besides, the daily as well as weekly price rate of change indicators are featuring in the positive territory implying buying interest.

The short-term outlook is positively biased for the stock. It has potential to breach the upper boundary and continue its upmove in the ensuing trading sessions. Targets are ₹117 and ₹119.5. Traders with a short-term view can buy the stock with a stop-loss at ₹109.5.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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