In the month of June 2016, Jyothy Labs broke out from the long-term multi-month consolidation and registered an all-time high at Rs 471. Thereafter stock witnessed healthy correction of 16% from Rs 471 to Rs 396 in the next 2 weeks.
On 6th June 2018, the stock found support at Rs 396 and bounced sharply to surpass previous top of Rs 471 and registered a new all-time high placed at Rs 487 on 12th June 2018.
FMCG sector has been outperforming and Jyothi lab is also likely to extend the gains for investors. We recommend buying Jyothi Lab for the target of Rs 502 and keep a stop loss below Rs 445.
Disclaimer: The author is Technical Analyst, PCG Desk, HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jun 19, 2018 10:53 am