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The stock of Strides Pharma Science gained 4.3 per cent with above average volume, surpassing the immediate resistance at ₹435. Investors with a short-term perspective can buy the stock at current levels.
Since it took support at ₹271 in late March this year, the sock has been in a medium-term uptrend. Key support at ₹400 and 200-day moving average provided base for the stock in June. Subsequently, the stock continued to trend upwards. It breached the 21- and 50-day moving average and trades well above them. There has been an increase in daily volume over the past one week.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. Besides, the daily as well as the weekly price rate of change indicators are featuring in the positive terrain implying buying interest.
The short-term outlook is bullish for the stock. It has potential to trend upwards and reach the price targets of ₹474 and ₹483 levels. Traders with a short-term view can buy the stock with a fixed stop-loss ₹445. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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