Today's Pick

Jyothy Laboratories (₹362)

Yoganand D | Updated on March 09, 2018 Published on April 11, 2017

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The stock of Jyothy Laboratories gained 5.6 per cent with good volume on Tuesday, after taking support at ₹340 levels. Since October 2016, the stock has been in an intermediate-term sideways consolidation phase in a wide range between ₹330 and ₹380.

The stock has a significant long-term support in the band between ₹330 and ₹340 that provided a base in December 2016 and once again now. It managed to surpass the immediate resistance at ₹357 and closed above its 50-DMA which is a positive signal from a short-term perspective. The daily and weekly relative strength indices are charting towards the bullish zone in the neutral region. The ongoing sideways consolidation phase might be an intermediate pause before the overall uptrend resumes. The stock has the potential to breach its upper boundary and trend higher. The short-term targets are ₹377 and ₹384. Traders can buy the stock with stop-loss at ₹354 levels.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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Published on April 11, 2017
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