We recommend a buy on Bartronics India from a short-term trading horizon. It is apparent from the charts of Bartronics that it was a medium-term downtrend as it declined from Rs 100 to Rs 61 between early January and early March. However, it found support in the long-term support band between Rs 55 and Rs 60. Since early March, the stock has been on a medium-term uptrend. On March 31, the stock conclusively penetrated its medium-term down trendline as well as the 50-day moving average by surging 7 per cent. This bullish momentum prolonged and the stock gained more than 9 per cent on April 1. We observe that there is an increase in volume over the past three trading sessions. The daily relative strength index (RSI) is featuring in the bullish zone and the weekly RSI has entered the neutral region. Moreover, the moving average convergence and divergence has entering the positive territory. We are bullish on the stock from a short-term trading perspective. We anticipate it to rally until it hits our price target of Rs 96. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 81.
Source:HBL
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