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The stock of Jyothy Labs was consolidating with a bearish bias since the beginning of October. That is, it was largely oscillating between ₹188 and ₹205. But towards the end of November, the stock started to gain positive momentum and rallied. Consequently, last Friday, the stock broke out of the resistance at ₹205.
This has turned the outlook positive. Although there was a minor price correction on Monday, the scrip is likely to regain momentum. Therefore, we suggest traders to consider this stock for intraday longs i.e., buy at the current level of ₹211 with stop-loss at ₹207. Book profits at ₹220. Do not trade if the stock opens below ₹207 on Tuesday.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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