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The outlook for Jyothy Labs is bullish. The strong 5.75 per cent surge on Tuesday has taken the share price well above the ₹460-470 resistance cluster. The region between ₹465-460 will now act as a good support zone now. Any intermediate dips are likely to be limited to this support zone. Moving average cross overs on the daily chart strengthens the bullish case. That indicates that the downside could be limited. Jyothy Labs share price can rise to ₹500 in a week or two. Traders can go long now at ₹477.
Accumulate on dips at ₹467. Keep the stop-loss at ₹457 initially. Trail the stop-loss up to ₹482 as soon as the stock goes up to ₹488. Move the stop-loss further up to ₹491 when the price touches ₹495. Exit the long positions at ₹500.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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