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Investors with a short-term perspective can buy the stock of Jyothy Laboratories at current levels. Following a medium-term downtrend, from the February peak of ₹314, the stock found support at ₹237 in early May. Triggered by positive divergence and backed by significant support at around ₹240, the stock changed direction. Since then, it has been on a short-term uptrend. On June 4, the stock surged 8 per cent, breaching its moving average compressions at around ₹255.
The relative strength index on the daily chart is on the brink of entering the bullish zone from the neutral region. Both the daily as well as weekly moving average convergence divergence indicators are hovering in the positive territory supporting the short-term uptrend. The outlook is bullish for the stock. It can continue to trend northwards and knock the price target of ₹283 and then to ₹288 in the forthcoming sessions. Buy the stock with a stop-loss at ₹266.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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