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The short-term outlook for Jyothy Labs is bullish. The stock has been in a strong uptrend since June this year. The 7 per cent surge over the last two trading days has taken the share price well above the key resistance levels of ₹520 and ₹530. Also, the rise in this week has happened from a trendline support. This strengthens the bullish case. Jyothy Labs share price can rise to ₹575 initially.
A break above ₹575 can see an extended rise to ₹590 eventually in the next few weeks. Traders can go long now at ₹550. Accumulate on dips at ₹535. Keep the stop-loss at ₹525. Trail the stop-loss up to ₹555 as soon as the stock moves up to ₹560. Move the stop-loss further up to ₹563 when the price touches ₹568. Exit the long positions at ₹575.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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