There are rising stars in every industry and the stock market India is no different in that perspective. Dr Lal Path Labs Ltd. is one of the stocks that we’ve found to be performing quite well in this session of stock market India and here’s why you need to keep a lookout for its movements and consider investing.
Back in June 2023, Dr Lal PathLab consolidated net sales of INR 541 crore, up by 7.62% Y/y. This was a humongous rise from INR 502.70 crore in June 2022.
The company has seen stellar records in its run this financial year, garnering over 35 per cent returns for its investors. It is also trading firmly above all its exponential moving averages, signalling a strong momentum in the stock and this has formed a long-bodied bullish candlestick line on the previous Friday on its daily charts in stock market India.
So with all this information in hand, let’s dive into the technical.
Stock Market India | Technical Outlook:
LALPATHLAB EQ – Bullish – Target- INR 3250 | Buy Around – 2500 | Stop Loss – INR 2000 | Returns 30%
LALPATHLAB EQ – Bullish
This unique stock has been consolidating for the past 82 trading sessions and has recently broken out from a falling wedge pattern on the weekly chart. This breakout was accompanied by a notable increase in trading volumes.
After a correction from the recent high, the price retested the Fibonacci 0.61% level. We anticipate the stock to continue and potentially extend its upward momentum.
Other momentum indicators, along with relative strength, also suggest that the current upward trend is likely to persist.
Furthermore, the stock is trading above its 200-day simple moving average on the weekly time frame, which is a positive sign for near-term prices.
Currently, the RSI is hovering near 70 levels, indicating that the bullish momentum is expected to continue in the near future.
Duration/Holding Period – 6 months/1 year
| LALPATHLAB EQ |
| Current Price | Market Cap | Stock P/E | Dividend Yield |
| ₹ 2524 | ₹ 21071 Cr | 79.9 | 0.48 % |
| EPS | ROCE | ROE | PROMOTER HOLDING |
| ₹ 31.6 | 18.2 % | 15. % | 55% |
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