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The rise in the stock price of Jyothy Labs is gaining momentum. The stock has been rising for more than two weeks now. It has surged about 5 per cent so far this week. Support is at ₹202-201. Below that ₹198 is the next strong support. Moving average cross over on the daily chart is also strengthening the bullish case. So, the chances are high for the stock price to sustain above ₹201 itself.
Jyothy Labs share price can rise to ₹220-222 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹202. Trail the stop-loss up to ₹210 as soon as the stock moves up to ₹214. Move the stop-loss further up to ₹215 when Jyothy Labs share price touches ₹217. Exit the long positions at ₹220.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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