Jyothy Labs Ltd - Positional TradeDate: 7-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 456.55
Targets: (1) Rs. 485 --> (2) Rs. 554 --> (3) Rs. 656
SL: Rs. 412 on daily close basis
Technical View:
• NSE:JYOTHYLAB is in its primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 554 on 24-Jan-2024, it has retraced 30% to 388.30 level.
• On 7-May-2024, NSE:JYOTHYLAB has broke out from its secondary down trend with higher than average volume.
• With this break out, NSE:JYOTHYLAB has managed to close above 20 DMA, 50 DMA and 21 DEMA on 7-May-2024.
• RSI has given bullish cross over and trading at 60.18. MACD is trading at -0.81 and about to cross over 0.
• Both MACD and RSI are showing positive divergence in daily time frame. Indicating trend reversal in coming sessions.
• Looking strong to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Publishing the ideas for learning purpose only.
