Todays Pick

Thyrocare Technologies (₹801.1): Buy

Yoganand D BL Research Bureau | Updated on September 22, 2020 Published on September 23, 2020

Investors with a short-term perspective can buy the stock of Thyrocare Technologies at current levels. The stock has been in a medium-term uptrend since it took support at ₹500 in late June this year. But the stock recorded a 52-week high at ₹845 in mid-August and witnessed a short-term corrective decline.

On Tuesday, the stock registered an intra-day low at ₹712 and found support at this low. Subsequently, the stock bounced, gaining 3 per cent with above average volume. This recovery has reinforced the bullish momentum. The stock managed to close above the 21-day moving average as well as a key resistance. This rally has strengthened medium-term uptrend. The stock trades well above its 21- and 50-day moving averages.

The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is featuring in the bullish zone. Besides, the daily and the weekly price rate of change indicators are hovering the positive territory. Short-term outlook is bullish. The stock can continue to trend upwards and reach the targets of ₹830 and ₹850 in the coming trading sessions. Traders can buy with a stop-loss at ₹784. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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Published on September 23, 2020
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