Stock Picks - Buy Laurus Labs Ltd For Target Of Rs. 406 - ICICI Direct
Technical Observations
* The stock has formed higher base in the vicinity of 50 day EMA which has been held since April 2020 and resumed upward momentum indicating resumption of primary up trend. Thereby, offering fresh entry opportunity
* The formation of higher high & higher low on larger degree charts (weekly/monthly) makes us believe, stock has further upsides in coming session.
* The stock has immediate support at | 349 levels as it is 61.8% retracement of the current up move (| 333 to 380)
* The daily MACD oscillator has generated a buy signals moving above its nine periods average thus validates positive bias
* We expect the stock extend the current up move and head towards | 406 levels as it is the 138.2% external retracement of the recent breather (| 386 to 333) signalling upside towards | 406 levels
Buy Laurus Labs Ltd @ 368.00-373.00 TGT 406.00 SL 349.00
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