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The outlook for the stock of Jubilant Life Sciences is bullish. The stock rose over 2 per cent on Thursday breaking above a key resistance level of ₹770. This resistance level has been capping the upside since December 2018. The level of ₹770 will now act as a good support for the stock. Intermediate dips to this support level are likely to find fresh buyers coming into the market. A rally to ₹825 is likely in the coming days. Inability to breach ₹825 can trigger a corrective fall to ₹780 or even lower levels. But a strong break above ₹825 will increase the likelihood of the upmove extending to ₹875 and ₹900 levels over the medium-term.
Traders can go long at current levels and also accumulate on dips at ₹775. Stop-loss can be placed at ₹755 for the target of ₹845. Revise the stop-loss higher to ₹805 as soon as the stock moves up to ₹815. The bullish outlook will get negated only if the stock declines decisively below ₹770 again. The next targets are ₹735 and ₹715. However, such a strong fall breaking below ₹770 looks unlikely at the moment.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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