Stock Picks - Buy Jindal Stainless Ltd For Target Rs. 173 - ICICI Direct
Technical Observations
* The Metal space is in strong up trend and is seen resuming fresh up move after two months of breather.
* The share price of JSL has resumed its uptrend after taking support at 50% retracement of recent up move | 119-166 signalling resumption of up move and offers fresh entry opportunity.
* Going ahead we expect it continue with its positive momentum and head towards | 173 levels in the coming weeks as it is the 138.2 percent external retracement of recent breather (| 166-144) signalling upside in coming sessions
* The breakout above the last three year high is supported by strong volume of more than four times of its 200 days average volume of 0.2 crore per day highlighting larger participation in the direction of trend
Buy Jindal Stainless ltd @ 155.00-160.00 TGT 173 SL 147
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