The short-term outlook is bullish for Eris Lifesciences. The stock has been in a strong uptrend since May this year. Also, the price action since then is in the form of a bull channel. On Thursday the stock has surged 4 per cent and has closed on a strong note. The uptrend is strong and intact. Strong support is now in the ₹1,120-₹1,100 region.
Eris Lifesciences share price can rise to ₹1,280 – the upper end of the channel, in the next few weeks. Traders can go long now at ₹1,165. Accumulate on dips at ₹1,130. Keep the stop-loss at ₹1,080. Trail the stop-loss up to ₹1,190 as soon as the stock moves up to ₹1,205. Move the stop-loss further up to ₹1,220 when the price touches ₹1,245. Exit the long positions at ₹1,270.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)