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The stock of Ashoka Buildcon gained 7.3 per cent with good volumes on Wednesday, breaching a key resistance at ₹230. Moreover, the stock has conclusively surpassed its 21- and 50-day moving averages and is trading way above these levels. This upmove gives investors with a short-term perspective an opportunity to buy the stock at current levels.
The recent rally has strengthened the stock’s short-term uptrend that has been in place from the early February low of ₹200. The medium- as well as long-term trends are also up for the stock. There has been a rise in daily volumes over the past three trading sessions. Both the daily and weekly price rate of change indicators are featuring in the positive terrain, implying buying interest.
The short-term forecast is bullish for the stock. It can extend the upmove and hit the price targets of ₹256 and ₹262 in the ensuing trading sessions. Buy the stock with stop-loss at ₹241.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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