Investors with a medium-term horizon can buy the stock of Strides Pharma Science at current levels. After registering a 52-week low at ₹271 in late March 2020, the stock has been on an intermediate-term uptrend, forming higher peaks and higher troughs. In early August, the stock had conclusively breached a key long-term resistance at ₹550 and continued to trend upwards.

The stock took support at ₹600 in early November this year and resumed the uptrend.

Following a minor corrective decline, the key medium-term support at ₹750 as well as the 21-day moving average cushioned the stock in the past week. Subsequently, the stock continued to rally and gained 7.8 per cent accompanied by above average volume on Thursday.

2612StridesPharmacolcol
 

In the truncated Christmas week, the stock gained almost 10 per cent and surpassed a vital long-term barrier at ₹800 on weekly basis.

This rally has strengthened bullish uptrend. The stock trades well above the 21- and 50-day moving averages.

The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI continues to feature in the bullish zone.

Similarly, the daily price rate of change indicator has entered the positive terrain and the weekly indicator hovers in the positive terrain, both implying buying interest. Outlook is bullish for the stock of Strides Pharma Science and it has the potential to extend the uptrend and reach the price targets of ₹925 and ₹990 in the medium term, with a minor pause at ₹925.

Investors with a medium-term horizon can buy the stock with a stop-loss at ₹780.

Related Topics
comment COMMENT NOW