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The stock of Thyrocare Technologies is in a strong upward momentum and on Wednesday, it registered a fresh lifetime high of ₹1,395 before closing the session a little lower at ₹1,385.6. Nevertheless, the uptrend is intact and the pace at which the stock has been moving since the beginning of the month suggests that there is more to the upside.
The scrip has been slow-moving since the beginning of 2021 after having gained about 66 per cent in 2020. The daily chart of the stock shows that it has had two phases of consolidation before producing a strong breakout in June. First, between January and April, where the stock was largely held between ₹880 and ₹980; and second, between April and May, where it was fluctuating between ₹1,000 and ₹1,100.
But the stock breached the resistance at ₹1,100 and established an uptrend in June. This is supported by a considerable increase in volume, and means the rally is strong. So, one can go long in the stock with a stop-loss at ₹1,340, and for a target of ₹1,460.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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