Aditya Agarwala
On the weekly chart, AIA Engineering is on the verge of a breakout from an Ascending Triangle pattern (as indicated on chart) neckline placed at Rs 1,645. The breakout above Rs 1645 with healthy volumes can resume the uptrend taking it to levels of Rs 1,750-1,855.
On the daily chart, it has broken out from a Cup and Handle pattern affirming bullishness dominant in the stock. Moreover, RSI turned upwards after taking support at the lower end of the bull zone i.e. 40 level suggesting higher levels in the coming trading sessions.
The stock may be bought in the range of Rs 1,605-1,615 for a target of Rs 1,750-1,855 and a stop loss below Rs 1,500.
Disclaimer: The author Technical Analyst at YES Securities (I) Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. First Published on Jul 11, 2018 02:51 pm
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