Comments
The shares of Jubilant Life Sciences surged 3.4 per cent on Tuesday. This stock is showing a divergence in performance against the Sensex. Throughout last week, it traded in a narrow range of ₹165 and ₹176 when the Sensex surged to test 25,000 levels. Now, when the index is range bound, the stock has rallied 9.4 per cent so far this week.
The outlook is bullish and short-term traders can go long in the stock. A bullish inverted head and shoulder pattern is visible on the daily candle stick chart. The stock closed above the neckline of this pattern on Tuesday. The neckline support is at ₹181. The stock can immediately rise to ₹187.6, the 200-week moving average. A breach of this level can take the stock higher to ₹210, the target of the inverted head and shoulder pattern.
Short-term traders can buy the stock with a stop-loss at ₹180 for a target of ₹187.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.