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The short-term outlook is bullish for Laurus Labs. The stock has been moving well over the last couple of weeks. It surged over 5 per cent last week, breaking above a key moving average resistance level of ₹450, and has closed strongly. The region between ₹455 and ₹450 will now act as a good support zone and limit the downside. Intermediate dips are likely to get fresh buyers around ₹450. Laurus Labs’ share price can rise to ₹500 in the next two to three weeks. Traders can go long now at ₹470. Accumulate on dips at ₹458. Keep the stop-loss at ₹446. Trail the stop-loss up to ₹476 as soon as the stock moves up to ₹483. Move the stop-loss further up to ₹485 when the price touches ₹492. 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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