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Published on 19/10/2020 12:45:15 PM | Source: ICICI Direct

Gladiator Stocks - Buy Jindal Stainless Ltd For Target Rs. 64 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Jindal Stainless Ltd #Trading Report #ICICI Direct #Steel

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Jindal Stainless (JINSTA): Two years consolidation breakout signifies resumption of primary up trend…

* The share price has logged a resolute breakout from two years base formation (|23-53) backed by faster pace of retracement as stock entirely retraced past seven weeks decline (| 53-39) in just single week. Multi year consolidation breakout supported by faster pace of retracement, signifies resumption of primary up trend, auguring well for next leg of up move

* Key point to highlight during ongoing up move off March low (| 21) is that, the stock has been trading in a upward sloping channel indicating elevated buying demand. In the process stock has closed above 200 weeks EMA for the first time in two years, indicating rejuvenation of up trend

* The two years consolidation breakout has been backed by highest weekly volume since January 2020, highlighting larger participation

* On the oscillator front, weekly RSI resolved out of three years resistance of 68, indicating reviving upward momentum

* Therefore, we expect the stock to accelerate ongoing momentum and head towards | 64 levels in the coming months as it is upper band of rising channel placed at | 66 coincided with 161.8% external retracement of CY20 decline (| 47- 21), at | 63

 

Buy Jindal Stainless Ltd @ 53.00-57.00 TGT 64 SL 49

 

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