Published on 6/01/2021 1:11:37 PM | Source: ICICI Direct
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Technical Observations
* The stock has generated a resolute breakout above the falling supply line joining high since January 2018 (| 182) signalling resumption of up move and offers fresh entry opportunity
* The stock has recently rebounded taking support at the 52 weeks EMA signalling strength and the positive price structure
* The share price has immediate support at | 75 levels being the confluence of the 50% retracement of the current up move (| 68 to 83) and the value of the recent trendline breakout area
* The weekly MACD is in up trend and has recently entered positive territory thus supports the positive bias in the stock
* We expect the stock to continue with its current positive momentum and head towards | 90 levels as it is the 80% retracement of the entire CY 2020 decline (| 102-40) placed at | 90
Buy Jindal Saw Ltd @ 77.00-80.00 TGT 89 SL 74.00
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