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The stock of Vijaya Diagnostic Centre has been in a long-term uptrend. However, over the past few weeks, it has been largely charting a sideways trend. That is, it has been oscillating within ₹890 and ₹960. On Thursday, the stock managed to move above ₹960. Notably, so far this week, the scrip has been appreciating despite the broader market facing a downward pressure. We expect the stock to rise to ₹1,050 in the near term.
Nevertheless, there is a chance for the price to moderate to ₹920 before the next upswing. Therefore, traders can go long at ₹982 and accumulate if the price dips to ₹925. Place stop-loss at ₹890. When the stock rises to ₹1,025, revise the stop-loss to ₹990. Book profits at ₹1,050.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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