Comments
Investors with a short-term perspective can buy the stock of Jyothy Laboratories at current levels. The stock’s downtrend that started from the February peak of ₹314 has come to a halt, finding support at the significant base level of ₹237 in the past week. Triggered by positive divergence in the daily relative strength index and price rate of change indicators, the stock changed direction.
On Tuesday, it surged 4 per cent with above average volume, breaching its 21-day moving average. Moreover, the daily relative strength index has entered the neutral region from the bearish zone and the weekly RSI hovers in the neutral region. The daily price rate of change indicator has entered the positive terrain showing buying interest and the moving average convergence divergence has given a buy signal. It can extend the upmove and reach the price target of ₹260 and then to ₹265 in the ensuing trading sessions. Buy the stock with a stop-loss at ₹244.
(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.