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The stock of Unichem Laboratories rose 4 per cent on Tuesday with above average volume, breaching itsresistance around ₹221. Further, the stock has also decisively surpassed its 50-day moving average poised around the same level which adds further strength to the up move. Traders with a short-term perspective can consider buying the stock at current levels. The stock’s medium-term uptrend which started from the July low of ₹182 will remain intact as long as the stock trades above the significant support band between ₹210 and ₹215. With the recent up move, the stock appears to have resumed its medium-term uptrend. The indicators on the daily chart have started moving higher towards the bullish zone, backing the stock’s uptrend. Following the breakthrough of the immediate resistance and 50-day moving average, the short-term outlook is bullish. Targets are ₹234 and ₹239. Buy the stock with a stop-loss placed at ₹220.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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