FMCG major ITC and mid-cap pharma stock Jyothy Labs have given a fresh breakout on the daily scale in the last two trading sessions, thus implying a likely favourable trend in the near-term. Here’s a detailed technical analysis on Today Break Out Stock ITC and Jyothy Labs shares.
ITC Current Price: ₹ 420 Upside Potential: 9.8% Support: ₹ 410; ₹ 400; ₹ 395 Resistance: ₹ 431; ₹ 444; ₹ 454 ITC stock has witnessed a breakout on the daily chart in its previous trading session, as the stock closed above its super trend line resistance. The overall bias is now expected to remain favourable as long as the stock holds above ₹ 395. Near support for the stock is visible at ₹ 410 and ₹ 404 levels.
At present, ITC is testing resistance at its 100-Day Simple Moving Average (DSMA) also known as the 100-DMA, which stands at ₹ 421. Break and sustained trade above the stock can see the stock spurt towards the 200-DMA at ₹ 431 levels. In the short-to-medium term the stock is expected to rally towards ₹ 461 levels, shows the weekly chart. Interim resistance can be anticipated around ₹ 444 and ₹ 454 levels.
Jyothy Labs Current Price: ₹ 370 Upside Potential: 17.8% Support: ₹ 352; ₹ 340; ₹ 317 Resistance: ₹ 411; ₹ 426 Jyothy Labs too is seen trading firmly above its super trend line for the second straight day. That apart the stock is also trading above the higher-end of the Bollinger Bands on the daily scale; thus implying a bullish bias for the stock as long as it holds above ₹ 365.
The overall bias for the stock is expected to remain positive as long as the stock trades above ₹ 317 levels. Interim support for the stock is placed at ₹ 352 and ₹ 340 levels. Key momentum oscillators on the weekly chart, such as the Stochastic Slow and the Moving Average Convergence-Divergence (MACD) indicator have also turned favourable for Jyothy Labs. Chart suggests the stock can potentially rally towards ₹ 435 levels in the near-term. For now, key hurdles for the stock exist at ₹ 411 and ₹ 426 levels.
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