Buy J B Chemicals and Pharmaceuticals Ltd For Target Rs.2367 By GEPL Capital
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TECHNICAL VIEW
Observation
* While looking at the border picture of JBCHEPHARM, we can observe that the stock has been outperforming the broader market by sustaining at Life Time High Levels high level since last 5 weeks.
* The stock has formed CIP (Change in Polarity) formation at 1985 levels and bounced back indicating strong positive undertone of the stock for the short to medium term.
* On the daily charts, the stock has been forming higher top higher bottom formation since June 2022 confirming the bullish strength of the stock.
* We witnessed volume pick up at every up move of the stock indicating strong participation in the positive trend.
* RSI on the weekly as well as on the Daily timeframe has sustained well above 60 mark reflecting strong underlying momentum.
Buy J B Chemicals and Pharmaceuticals Ltd at CMP: Rs 2119 | Target: Rs 2367 (12%)| SL: Rs 1985
Inference & Expectations
* The stock is in clear uptrend with rising momentum.
* Going ahead we expect the prices to go higher till the 2355 level
* The stop loss must be 1985 on the closing basis.
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