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Investors with a short-term perspective can consider buying the stock of JB Chemicals & Pharmaceuticals at current levels. Since taking support at the key long-term base level of ₹73 in July 2013, the stock has been on a long-term uptrend, forming higher peaks and troughs. Medium- as well as short-term trends are also up for the stock. Significant base level at ₹140 provided support for the stock in May and June this year, halting the corrective downtrend. Reinforcing the uptrend, the stock jumped 5.8 per cent accompanied by above-average volume breaching its 21- and 50-day moving averages on Thursday.
The relative strength index on the daily chart has entered the bullish zone from the neutral region. Other indicators on the weekly charts are also featuring in the positive terrain, implying upward momentum. Our short-term outlook on the chemical stock is bullish. It can extend its up move and reach the price target of ₹169 and ₹172 in the coming trading days. Buy with a stop-loss at ₹158.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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