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MTF Stock Pick  Buy Jyothy Labs Ltd For Target Rs. 167 - HDFC Securities 

TECHNICAL OBSERVATIONS

After showing consolidation in the last few weeks, the stock price (Jyothy Lab) has witnessed a sustainable upside bounce in this week and is trading at the highs.

The stock price is currently forming a triangle type pattern and is advancing towards the upper end of a triangle at Rs 160 levels.

As per this pattern, one may expect a decisive upside breakout of a triangle in the near term, which could open more upside for the stock price ahead.

Weekly 14 period RSI shows positive indication and volume has started to rise during upmove in the stock price.

The overall chart pattern of JYOTHYLAB indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.

Buy Jyothy Labs Ltd Up to 3 months  @ Add on dips 142 CMP 151.50 TGT  167 SL 139

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