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Investors with a short-term perspective can buy the stock of Jubilant Life Sciences around current levels. The stock rallied 6.7 per cent on Tuesday breaking through its immediate resistance around ₹168. Moreover, the stock has surged 12 per cent accompanied by good volume in the past two trading sessions. It has also conclusively breached the moving average compression (21-, 50- and 200-day moving averages) at around ₹160. The stock appears to have resumed its medium-term uptrend that has been in place from the December 2014 low of ₹116.
The relative strength index on the daily chart has entered the bullish zone from the neutral region. The daily moving average convergence divergence indicator has signalled a buy. The short-term outlook is bullish. The stock has the potential to extend the ongoing rally and reach the price target of ₹183 and ₹186.5 in the upcoming sessions. Buy the stock with a stop-loss at ₹171.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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