Laurus Labs shares zoom 19% to hit new all-time high. Is there more heat left?
Laurus Labs surged over 19% in 11 days, hitting a record high of Rs 799.4. Analysts see strong bullish momentum supported by a multi-year breakout, volume patterns, and technical indicators, but advise caution for fresh buyers due to overbought conditions and potential profit-booking zones.
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Laurus Labs shares have seen an impressive 19.35% surge in the last 11 days, reaching a new all-time high of Rs 799.4 today on the BSE. This rally has sparked significant investor interest, with technical analysts offering positive insights on the stock's performance and its future potential.The stock's recent breakout above the Rs 720–Rs 725 range seems to be a key driver behind its bullish momentum.As Laurus Labs continues its strong upward trajectory, experts are weighing in on how to approach trading at these elevated levels. While some analysts remain bullish, they also caution investors to be strategic, with key support levels and potential profit-taking zones identified.According to Tejas Shah, Senior Vice President of Technical Research at JM Financial Services, Laurus Labs has experienced a multi-year breakout above the Rs 720–Rs 725 levels, sparking a sharp rally.He highlighted that this uptrend is supported by increasing volumes during gains and tapering volumes on declines, which is considered a classic sign of healthy accumulation.The stock continues to trade above its 50-day Exponential Moving Average (EMA), reinforcing the positive trend. Mr. Shah further highlighted the emergence of an Ascending Triangle pattern on the weekly chart, which validates the breakout.(Source: JM Financial)The overall chart structure appears strong, and with the relative strength of the stock and favorable sector tailwinds, Laurus Labs is positioned as a strong outperformer in the near to medium term.He expects the stock to potentially move towards Rs 890 and Rs 945 over the next 6 to 12 months, with key support seen in the Rs 720–Rs 725 range.Pravesh Gour, Senior Technical Analyst at Swastika Investmart , also weighed in on the stock's strong uptrend, noting that Laurus Labs has made a significant move from the Rs 650–Rs 700 range, showing clear momentum.The stock is trading above all key moving averages, and the steep upward slope of the 20-SMA and 50-SMA signals strong short-term momentum. Furthermore, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) remain in favour of the stock's bullish momentum.For existing shareholders, Gour advises trailing the stop-loss below the 9-SMA (Rs 755) to protect profits. He also suggests partial profit booking in the Rs 820–Rs 850 zone if momentum starts to slow down.For potential new entrants, however, he cautions against aggressive fresh buying at current levels due to the overbought RSI. Instead, he recommends waiting for a retest of the Rs 755–Rs 770 levels or looking for bullish candle confirmation on lower time-frames before entering the stock.The technical outlook for Laurus Labs suggests a strong uptrend, with bullish momentum supported by solid chart structures and favourable sector conditions. While the stock has shown impressive growth recently, analysts recommend a cautious approach for new buyers at current levels.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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