Shitij Gandhi
After giving a consolidation breakout above Rs 210 levels in the recent past, Jyothy Laboratories is seen trading in a rising channel with the formation of higher highs and higher lows on a daily interval.
The prices are also maintaining well above its short and long-term moving averages along with consistent buying at lower levels.
Additionally, on the weekly charts, the stock has given breakout above the ascending triangle pattern which is generally considered bullish when found in an uptrend.
Traders can accumulate the stock in a range of Rs 235-240 for the upside target of Rs 271 levels with a stop loss below Rs 215.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. First Published on Jul 4, 2018 12:04 pm
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