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Investors with a short-term perspective can consider buying the stock of Aries Agro at current levels. On Monday, the stock surged 13.6 per cent with extraordinary volume, breaching above an immediate resistance at ₹160. With this rally, the corrective fall that had been in place from this January high of ₹195 appears to have ended. In late May the stock found support at around ₹140, cushioned by the 200-day moving average and an up trend-line and it resumed the uptrend thereafter. The stock has been on a long-term uptrend, forming higher peaks and higher troughs since taking support at ₹63 in February 2016.
The long-term uptrend continues to be intact. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering this zone. Moreover, the daily and weekly price rate of change indicators is featuring in the positive territory implying buying interest.
Short-term outlook is bullish for the stock. It can extend the rally and reach the price targets of ₹173.5 and ₹177 in the coming trading sessions. Buy with a stop-loss at ₹162.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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