Investors with a short-term perspective can buy the stock of Suven Life Sciences at current levels. The stock has been in a medium-term uptrend since taking support at around ₹218 in early August this year. While trending up it had decisively breached the 200-day moving average as well as a key resistance at ₹250 in late August and continued to trend upwards. Short-term trend is also up for the stock. It hovers well above the 50- and 200-day moving averages.
After a minor pause, the stock gained 3.6 per cent accompanied by above average volume on Tuesday. There has been an increase in daily volume over the past six trading sessions. The daily relative strength index features in the bullish zone and the weekly RSI has entered the bullish zone from the neutral region. Besides, both the daily and the weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
The short-term outlook is bullish for Suven Life Sciences. The stock can continue to trend upwards and reach the price targets of ₹306 and ₹312 in the ensuing trading sessions. Traders with a short-term view can buy with a stop-loss at ₹288 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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