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On Thursday, shares of Jubilant Life Sciences zoomed 6.7 per cent accompanied by extraordinary volumes. This rise was triggered by the 18 per cent price increase of its vitamin tablet, Niacin. . With this rally, the stock emphatically broke out of a sideways consolidation that was in place from early December 2013, in the range of ₹110-145. This rally provides a buying opportunity for traders with a short-term perspective. The intermediate- and short-term trends are up for the stock. It is hovering well above its 50- and 200-day moving averages. The relative strength index on the daily chart has re-entered the bullish zone from the neutral region.
The short-term outlook for Jubilant Life is bullish. It can extend its rally and reach the price target of ₹157.5 and then ₹161 in the approaching trading sessions. Buy the stock with a stop-loss at ₹147.8 level.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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