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Published on 6/01/2021 1:11:37 PM | Source: ICICI Direct

Stock Picks - Buy Jindal Saw Ltd For Target Of Rs. 89 - ICICI Direct

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

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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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