Bartronics India (Rs 223.90) strong Buy on dips
i recommend a buy in Bartronics India from short-term perspective. From the charts of Bartronics India we see that the stock has been consolidating in the range between Rs 200 and Rs 285 since mid September 2007.
The stock had been on a medium-term downtrend between early January and late February (from the upper boundary of the sideways consolidation of Rs 285 to the lower boundary of Rs 200). Recently, the stock found support at Rs 200 (which is the lower boundary, a key support level and also coincides with 200-day moving average).
On February 26, the stock jumped up by 8 per cent penetrating the medium-term down trendline and the 21-day simple moving average, accompanied with heavy volume. The daily momentum indicator is rising in the neutral region towards the bullish zone. We are bullish on the stock in the short-term. We expect Bartronics India to move up to our target price of Rs 255 in the short-term. Investors with a short-term perspective can buy the stock while keeping the stop loss at Rs 203