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The short-term outlook is bullish for Unichem Laboratories. The stock has begun the week on a positive note by rising about 2 per cent on Monday. The rise, last week has taken the share price well above the key resistance at ₹440. This level of ₹440 will now act as a good resistance-turned-support and limit the downside. Unichem Laboratories share price can rise to ₹500 – a key trendline resistance, over the next two-three weeks.
Immediate resistance is at ₹463. A break above it can trigger the rise to ₹500. Traders can go long now. Accumulate on dips at ₹445. Keep the stop-loss at ₹430. Trail the stop-loss up to ₹465 as soon as the stock moves up to ₹475. Move the stop-loss further up to ₹480 when the price touches ₹488. Exit the long positions at ₹495.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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