Buy Jubilant Foodworks Ltd. For Target Rs. 670 - Religare Broking
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* Jubilant Foods has been trading in a steady long term uptrend since 2016. It experienced multiple corrective phases in between but it kept forming higher highs and higher lows while holding firmly above the uptrend trendline.
* After the phenomenal surge from the low 227 in March 2020 to a new record high of 918 in October 2022, it retraced to digest the gains and retested the support zone of long term average (200 EMA) which also coincide with the trendline support.
* The last six months of consolidation indicate the formation of a reversal pattern and it’s set for a breakout from the same now. We thus recommend participants to create fresh longs in the given range.
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