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We recommend a buy in the stock of Claris Lifesciences from a short-term horizon. It is evident from the charts of the stock that after finding support at Rs 100 in December 2011, the stock bottomed out. Since then, it has been on a medium-term uptrend. In early February this year, the stock conclusively broke through its resistance at Rs 136.
This resistance subsequently turned in to a key support and arrested the stock's decline in late March. Thus, the stock bounced up strongly, reinforcing its medium-term uptrend. On Monday , the stock jumped almost 5 per cent, penetrating its significant resistance at Rs157.
Both daily as well as weekly relative strength indices are featuring in the bullish zone. The daily moving average convergence divergence indicator has signalled a buy and is hovering in the positive terrain. The stock's weekly MACD is also hovering in the positive terrain implying upward momentum. We are bullish on the stock from a short-term perspective. We anticipate it's up move to prolong and reach our price target of Rs 170.5 or Rs 175.5 in the forthcoming trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 161.
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