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Wednesday, June 10, 2009

Today's Pick

veer on Wednesday, June 10, 2009 |

Buy : Bartronics India



Buy on Bartronics India stock from a short-term trading perspective. It is evident from the charts of Bartronics that it has been on an intermediate-term up-trend since the March low of Rs 61, forming higher peaks and higher troughs. The stock’s up-trend accelerated in mid-May penetrating its 200-day moving average. On June 2, the stock jumped 19 per cent with heavy volume, breaking through a significant resistance at Rs 140. However, following a minor pull back to Rs 150, the stock took support. Reinforcing the up-trend, the stock surged 6 per cent on June 9. Daily and weekly relative strength indices are featuring in the bullish zone. The weekly moving average convergence and divergence indicator have entered the positive territory. We are positive on the stock from a short-term horizon. We anticipate it to rally further until it hits our price target of Rs 175 in the forthcoming trading sessions. Traders with short-term trading perspective can buy the stock while maintaining a stop-loss at Rs 151.

source: BL

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