Stock Picks - Buy Jamna Auto Industries Ltd For Target Rs.101 - ICICI Direct
Technical Observations
* The share price of Jamna Auto is at the cusp of breaking above last one months highs (| 95) as buying demand emerged at the 61.8% retracement of previous up move (| 79-95) signaling resumption of up move and offers fresh entry opportunity
* Going ahead, we expect the stock to extend the current up move and head towards | 101 levels as it is the 161.8% external retracement of the last two weeks breather(| 95-84)
* The breakout in Wednesday session is supported by strong volume of more than three times the 200 days average volume of 15 lakhs share per day highlighting larger participation in the direction of trend
* The daily RSI has generated bullish crossover above its nine period average and is in rising trajectory thus validates positive bias in the stock.
Buy Jamna Auto Industries Ltd @ 90.00-93.50 TGT 101 SL 85
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