Comments
Investors with a short-term perspective can consider buying the stock of Suven Life Sciences at current levels.
The stock gained 4.7 per cent accompanied by above average volume on Monday, breaching a key resistance at ₹235 as well as the 21-day moving average. Recently, the stock took support at around ₹220 and reversed direction triggered by positive divergence in the daily relative strength index and price rate of change. It has been in a near-term rally over the last two weeks.
With the on-going rally, the stock’s short-term downtrend that had been in place in the past two months had come to an end. The daily RSI is on the brink of entering the bullish zone from the neutral region. Moreover, the daily price rate of change indicator features in the positive terrain implying buying interest.
There has been an increase in daily volume over the last three trading session. The near-term outlook is bullish for the stock. It has the potential to trend upwards and reach the price targets of ₹255 and ₹260 levels in the ensuing trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹239.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.