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The stock of Laurus Labs depreciated in the second half of September. It extended the downswing in the first week of October as well. However, it found support at ₹430 this week. At this point, trendline support and the 200-day moving average coincide, making it a strong base. Corroborating this, the scrip has rebounded from this level. Going ahead, we expect the stock of Laurus Labs to build further momentum in the rally and touch ₹530 in the near-term.
Therefore, participants can go long at the current level of ₹465 and buy more shares if the price dips to ₹440. Place stop-loss at ₹420 at first. When the price touches ₹485, revise the stop-loss to ₹465. Tighten the stop-loss further to ₹490 when the stock hits ₹515. Exit at ₹530.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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