Buy ABG Shipyard at around Rs 370: Hemen Kapadia

Hemen Kapadia, Technical Analyst, chartpundit.com is of the view that one can buy ABG Shipyard at around Rs 370 with a target of Rs 378.

Kapadia told CNBC-TV18, "I would like to recommend ABG Shipyard. The stock has given an upward bar reversal today on significantly higher volume. The stock has also taken support on 55-day exponential moving average. In fact the daily MACD moving average, convergence/divergence has just signaled a buy today. The daily stochastic has put a failure. The stock seems to be in a mood to begin a short-term uptrend. I think the upward bar reversal today is a precursor to that. Keeping that in mind, one can buy ABG Shipyard at around Rs 370 with a stoploss of Rs 366 and a target of Rs 378."